NIC Asia's “10% NIC Asia Debenture 2085/86” receives applications worth Rs 11.9 crore; Issue hugely under-subscribed

NIC Asia Bank Limited (NICA) issue of “10% NIC Asia Debenture 2085/86” has been closed after banking hours today. The issue for 40 lakh unit debenture was open from Magh 13, 2075.

Out of the 40 lakh units, the bank is issuing 16 lakh units (40%) for the general public which includes 80,000 units issued for the mutual funds.

The debenture will be providing 10% return on the investment which will be paid semi-annually.

Nepal SBI Merchant Banking Limited has been appointed as the issue manager.

According to the officials at SBI merchant banking, applications worth Rs 11 crore 94 lakh and 64 thousand has been received in total from 1051 applicants. They also informed that they'll be processing the applications from private placement from tomorrow and will have information then only

Care Ratings Nepal had assigned “CARE-NP A” rating indicating low credit risk to the debenture.

With the issuance of the debenture, the total capital raised through debenture of NIC Asia bank will reach Rs 9.33 arba.