More than 3 Thousand applications received for ‘10.35% ADBL Rinpatra 2083’; total of 4.18 Million units applied for

Mon, Feb 3, 2020 2:32 PM on Bonds & Debentures, Latest,
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Agricultural Development Bank Limited (ADBL) had issued ‘10.35% ADBL Rinpatra 2083’ from Magh 14, 2076. Magh 17, 2076 was the last day to apply for the issue.

Agricultural Development Bank was issuing a total of 25 Lakh units of debentures at par value of Rs.1000 per unit. The total value of the issue is Rs.2.50 Arba and will be providing 10.35% interest rate. The debenture will mature in 7 years i.e. in 2083.

Out of the total issue, 10 Lakh units (40% of the issue) was issued to the general public while the remaining 15 Lakh units (60% of the issue) was for privately placement.

NIBL Ace Capital Limited has been appointed as the issue manager. As per the issue manager, the issue has received 3,327 applicants applying for 597,749 units from the general public and 34 applicants applying for 3,585,450 units for private placement. A total of 3,361 applicants have applied for 4,183,199 units of debentures. However, the mentioned data includes unverified applicants.

ICRA Nepal has assigned [ICRANP-IR] A (pronounced ICRA NP issuer rating A), to Agricultural Development Bank Limited (ADBL) indicating an adequate degree of safety regarding timely servicing of financial obligations. Such issuers carry a low credit risk.

ICRA Nepal has also reaffirmed the rating of [ICRANP] LA (pronounced ICRA NP long-term debt rating A) to the proposed subordinated debenture programme worth NPR 2,500 million of Agricultural Development Bank Limited (ADBL). Instruments with this rating are considered to have an adequate degree of safety regarding the timely servicing of the financial obligations. Such instruments carry a low credit risk.