Everest Bank to float 10 lakh units of debenture
January 9, 2020 | Investopaper
Everest Bank, the ‘A’ class commercial bank, will float 10 lakh units of the debenture. The bank has asked permission from SEBON to issue the debenture, submitting the application to SEBON on Poush 14, 2076. The debenture is named “10.25%, 7 years, Everest Bank Ltd. Debenture 2083”.
If the bank receives the approval for the issue, then it will sell Rs. 1 Arba worth of debenture. Out of the total issue, 6 lakh units of the debenture will be sold through private placement. Likewise, the bank will issue the remaining 4 lakh units worth Rs. 40 crores to the general public.
The par value of the debenture is Rs. 1000. Investors should purchase a minimum of 25 units will the cost of Rs. 25,000.
The maturity period is of 7 years. Hence, the bank will return the principal amount on 2083 BS.
The debenture will provide 10.25 percent interest per annum payable semiannually.
NIBL Ace Capital Limited is the issue manager for the debenture.
