December 16, 2021 | Investopaper
Garima Bikas Bank Limited (GBBL) is currently issuing the debenture named ‘8.75%, 7 years, Garima Debenture 2085’ from Mangsir 16, 2078 BS [December 2, 2021]. The issue will close on Poush 1, 2078 BS. The debenture issue was set to close on Mangsir 20, 2078 BS. However, due to the under-subscription until that period, the deadline for application was extended until Poush 1, 2078 BS.
Interested investors can apply for a minimum of 25 units and a maximum of 100,000 units.
Securities Board Of Nepal (SEBON) had provided the approval for the debenture issuance on Karthik 17, 2078 BS. The bank had submitted the application to SEBON on Ashad 11, 2078 BS seeking permission to float the debenture.
Garima Biaks Bank is floating 10 lakh units debenture at a par value of Rs 1000. Hence, the total issue amounts to Rs 1 Arba.
Out of the total issue size, the bank will sell 6 lakh units worth Rs 60 crores through private placement. Likewise, the general public can apply for the remaining 4 lakh units that amount to Rs 40 crores. The mutual funds will receive 5 percent (out of the general public’s quota) or 20,000 units.
The debenture will provide an 8.75 percent interest rate payable semi-annually. It has a maturity period of 7 years. Hence, the bank will refund the principal amount in 2085 BS.
NIBL Ace Capital Limited is the issue manager for the debenture.
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