Garima Bikas Bank Limited is closing the public issue of “8.75% Garima Debenture 2085” today. The issue opened on 16th Mangsir and was supposed to close on 20th Mangsir. Since the issue wasn’t subscribed fully by then, the deadline was extended till today, i.e. 1st Poush, 2078.
10,00,000 units have been issued at a par value of Rs.1000 per unit. 60% of the issue will be subscribed via private placement and the remaining 40% is for the public issue. Of the public issue size, 5%, i.e. 20,000 units have been set aside for mutual funds.
Investors can apply for a minimum of 25 units to a maximum of 1 lakh units. NIBL Ace Capital has been appointed the issue manager. Meanwhile, ICRA Nepal has rated this debenture BBB-1, indicating a moderate risk in completing financial obligations.
As the name suggests, “8.75% Garima Debenture 2085” has a maturity period of 7 years and will yield an annual return of 8.75% during the period.