A mutual fund launched a new scheme. It issued 10 crore units. The offer document mentioned entry load of 2.25% of face value during the new fund offer period. Issue expenses were Rs. 8 crores. If initial issue expense is amortized over 5 years period, what would be the opening NAV per unit if management fees and other recurring expenses are Zero? Assume that there are no fluctuations in value of underlying assets.

Opening NAV = (Amount Available for Investment) / (Units Issued). Amount available = 10 crore units × Rs. 10 face value + Entry load (2.25% × Rs. 10 × 10 crore) - Initial expenses (Rs. 8 crore) = Rs. 100 + Rs. 2.25 - Rs. 8 = Rs. 94.25 crore. NAV = 94.25/10 = Rs. 9.425. After amortizing Rs. 8 crore over 5 years, opening NAV adjusts slightly upward to 9.99987. The calculation accounts for entry load proceeds and amortized issue expenses.