HBL, Ace join hands

KATHMANDU, MAR 07:

Himalayan Bank Ltd (HBL) has entered into an agreement with Ace Capital to manage the initial public offering (IPO) of HBL’s 750,000 units of debentures with a face value of Rs 1,000 and totalling Rs 750 million. The bank has appointed Ace Capital as the issue and sales manager for the IPO. A memorandum of understanding was signed and exchanged between CEO of Himalayan Bank Ashoke SJB Rana and managing director of Ace Capital Rameshwor Pokhrel. Eighty per cent of the debentures worth Rs 600 million will be for private placement and the remaining 20 per cent worth Rs 150 million for the general public with an interest rate of eight per cent for seven years, it said in a press note.

Source: THT