Kathmandu. NIC Asia Bank Limited is going to open the issuance and sale of debentures from today (Chait 25). The bank is going to issue ‘7 percent NIC Asia Debenture 2091’ at an annual interest rate of 7 percent for a period of 10 years.
The bank is going to issue 5 million units of debentures worth 5 billion rupees at a face value of 1,000 per debenture. Out of this, 60 percent or 3 million units of debentures worth 3 billion rupees will be distributed individually, while the remaining 40 percent or 2 million units worth 2 billion rupees will be distributed to the general public.
Of the debentures to be distributed to the general public, 5 percent or 100,000 units of debentures have been allocated for collective investment funds. The bank has stated that investors will have to apply for a minimum of 25 units and can apply for a maximum of 2.5 million units.
The interest earned on the bond will be paid after deducting taxes after the end of the first fiscal year and the second half-year of each fiscal year. Applications for the bond can be submitted by Chaitra 28 at the earliest and Baisakh 8 at the latest. The bank’s securities issuance and sale manager is Prabhu Capital Limited.
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