Kathmandu. The deadline to apply for Prime Commercial Bank’s debentures has been extended. The bank has extended the deadline to apply for the debentures after the bank failed to apply for the debentures from July 30. The bank is issuing ‘6.25% Prime Bank Debenture 2093’ with a maturity period of 10 years at an interest rate of 6.25 per cent.
The bank is issuing 3 million units of debentures at a face value of Rs 1,000 each. Out of the offered, 60% i.e. 1.8 billion units of debentures worth Rs 1.80 billion will be set aside for the individual and the remaining 40% i.e. 1.20 million units will be set aside for the general public.
Out of the total offered debentures, 5% i.e. 60,000 units have been set aside for mutual funds. Applications can be place for minimum 25 units and maximum of all units of debenture.
Sanima Capital Limited has been appointed as the issue manager for the IPO issuance. The interested bidders can apply for the C-ASBA service from the banks and financial institutions approved by the Securities Board of Nepal (SEBON) and their designated branches.
Care Ratings Nepal has assigned a ‘CareNP’ Single A Minus Issue Rating to the bank. This indicates high security in terms of meeting financial obligations on time. The interest accrued in the debentures will be paid after the expiry of the first fiscal year and second half year of each fiscal year.
