The NRNA Nepal Development Fund, operated under the Non-Resident Nepali Association (NRNA), is preparing to move into implementation after the government completed the required legal and procedural approvals for its proposed Rs 10 billion investment project. The approvals granted on Tuesday allow the fund to proceed with an Initial Public Offering (IPO), with 85 percent of shares reserved for Nepalis living abroad. Earlier, the government had approved an IPO allocation of up to 51 percent. Under the fund’s rules, 5 percent of investment will come from the Government of Nepal, 10 percent from promoters and the remaining 85 percent from non-resident Nepalis worldwide. Individual investments may range from Rs 100,000 to Rs 100 million.
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