NIC Asia issuing 6 lakh kitta debenture of Rs 60 crore from Poush 13 to general public; Offer ends on Poush 17

NIC Asia Bank Limited (NICA) is going to issue 6 lakh units 'NIC Asia Debenture 2081/82' worth Rs 60 crore to the general public from Poush 13, 2074. The offer will end on Poush 17 at the earliest. The maximum closing date has been set on Poush 27, 2074. As per the offer letter published by the bank today, it will be issuing 6 lakh kitta of worth Rs 1,000 per kitta to the general public out of 30 lakh kitta of worth Rs 3 arba. Here, remaining 24 lakh kitta of Rs 2.40 arba will be issued to various institutions through private placement by the bank itself. One must apply for a minimum of 25 units. The number of applied units should be a whole number, meaning applicants cannot apply for fraction shares. Interested applicants can apply thorough all ASBA approved banks. Debenture holders will get 9% interest per annum payable in 6/6 months. As per the bank, the debenture units will be listed in Nepal Stock Exchange and are tradable. Nabil Investment Banking Limited is the issue manager. ICRA Nepal has assigned rating of [ICRANP] LA- (pronounced ICRA NP L A minus) to the proposed subordinated debentures. The credit rating agency also reaffirmed the rating of [ICRANP] LA- to the existing subordinated bonds of Rs 50 crore of NICA. Instruments with [ICRANP] LA- rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. As per ICRA Nepal, such instruments carry low credit risk. Issuing a separate press statement, the bank informed that the debenture could be the best investing option for long-term investors who are looking for high-yielding and secure investment option in Nepal where there are limited debt instruments to invest ones’ hard earn money. Offer Letter