NIC Asia Bank Limited (NICA) has opened debenture issuance and sale at an annual interest rate of 8.5 percent from today (2021 June 20). NIC Asia Bank has opened the issue and sale of '8.50% NIC Asia debenture 2088'. The term of the Debenture will be 10 years.
NIC Asia Bank has issued 3 million units of debentures with a face value of Rs 1,000 per share, equivalent to Rs 3 billion. Out of this, 1.2 million units worth Rs 1.20 billion will be distributed to the general public while the remaining 1.8 million units worth Rs 1.80 billion will be distributed individually, the bank said.
Applications for the purchase of the debenture should be submitted as soon as possible by June 23. If the application is not received by that time, the eviction period will be extended till July 4. Investors will be able to apply for a minimum of 25 units and a maximum of 1.5 million units.
The bank's debenture issuance and sales manager is Sunrise Capital Limited. Investors can apply for the debenture purchase from C-ASBA member banks and financial institutions and their branch offices.
In the credit rating issued for debenture issuance, Care Rating Nepal has given NIC Asia Bank a ‘Care NP Single-A (Issuer)’ rating with low credit risk. Institutions that receive that rating is considered sufficiently secure to meet their financial obligations on time.
Debenture