Kathmandu. Now the way has been opened for non-resident Nepalis (NRNs) to issue an IPO worth Rs 8.5 billion. Nepal Rastra Bank (NRB) has allowed NRNs to open bank accounts in Nepali rupees by approving foreign investment, paving the way for nrns to come up with an IPO worth Rs 8.5 billion. Nepal Rastra Bank (NRB) has issued a circular on Wednesday allowing non-resident Nepalis to open bank accounts in Nepali rupees by approving foreign investment. Until now, foreign investment had to be brought in foreign currency (dollar) and kept in dollar account.
(1) A foreign investor approved for foreign investment may deposit the amount relating to foreign investment by opening an account of convertible foreign currency or Nepali rupee in Nepali banks and financial institutions. (2) The amount earned for foreign investment and the amount of return of investment will be given to the concerned foreign investor opened in the Nepali Bank Financial Institution. Can be deposited in the account. ’
Earlier, the Securities Board had given the facility to nrns to fill ipo from nepali rupee account. The NRNA had found it difficult to invest in Nepal’s capital market as the Rastra Bank had laid down the rule that foreign investment should be in foreign currency.
Nepal Development Fund (NDF), which has been established under the leadership of NRN, has been asked to issue a specialized IPO for NRN’s. To apply for the IPO, an account of Nepali rupees and ashwa membership are required. They have been demanding that the fund can open an account in Nepali rupees and keep the profit earned in the account of Nepali rupees for the IPO, which can only apply for nrns. Ceo of Nepal Development Fund, Analraj Bhattarai, said that the NRNA has now got the facility to open an account in Nepali rupees by approving foreign investment and the profit earned will also remain in Nepali rupees.
Nrns have set up ndf of 10 billion paid-up capital, out of which 5 percent is invested by the Government of Nepal. Nrns will be issued an IPO of Rs 8.5 billion, which will be 85 percent of the paid-up capital of Rs 10 billion, in which only NRN’s will be able to apply. Ceo Bhattarai also said that the Securities Board of Nepal will approve the issue of such an IPO within some time.
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