Garima Bikas Bank Will Issue a 1 Arba Debenture

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Garima Bikas Bank Limited (GBBL) is in the process of issuing the ‘8.75 percent, 7 years, Garima Debenture 2085′ debenture. On Ashad 11, 2078 BS, the bank filed an application with the Securities Board of Nepal (SEBON) for this purpose.

If SEBON approves, the bank will issue a ten lakh unit debenture with a par value of Rs 1000. As a result, the total issue is Rs 1 Arba.

The bank will sell 6 lakh units worth Rs 60 crores through private placement out of the total issue size. Similarly, the general public can apply for the remaining 4 lakh units worth Rs 40 crores. The mutual funds will receive 5% of the general public’s quota, or 20,000 shares.

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The debenture will pay an interest rate of 8.75 percent semi-annually. It has a 7-year maturity period. As a result, the bank will refund the principal in 2085 BS.

The debenture’s issue manager is NIBL Ace Capital Limited.