Last day to grab Everest Bank Convertible Preference Shares; Book closure date tomorrow

Everest Bank Limited (EBL)'s book closure date for 7% convertible preference shares is on Ashwin 2, 2076 i.e tomorrow. 20% of the preference shares will be converted into ordinary shares. So, today is the last day to grab EBLCP.

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 interest 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. Therefore, of the existing EBLCP shares, 50% of them will be converted in EBL and the remaining will be converted after 3 years. The conversion date has been set on Ashwin 09, 2076.