Everest Bank Limited (EBL) announces book closure date for 7% preference shares on Ashwin 2, 2076; 20% of the preference shares to be converted into ordinary share
Everest Bank (EBL) has announced the book closure date for the conversion of 7% preference shares on Ashwin 02, 2076.
According to the prospectus of EBL's preference shares, these shares need to be converted to ordinary shares every three years at the rate of 20% each time. The preference shares provide a fixed dividend of 7% each year and are entitled to this dividend prior to the distribution to ordinary shareholders.
This is the fourth conversion of EBL Convertible Preference Shares. The conversion date has been set on Ashwin 09, 2076.