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PCBL Extends Application Period for Rs. 3 Billion Debenture Issue

Prime Commercial Bank has extended the subscription period for its Rs. 3 billion, 10-year debenture issue carrying a 6.25% annual interest rate until Asar 30.

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PCBL Extends Application Period for Rs. 3 Billion Debenture Issue

Prime Commercial Bank Limited (PCBL) has extended the application deadline for its 10-year debenture issue, '6.25% Prime Bank Debenture 2093,' allowing investors to apply until Asar 30, 2083. The bank, however, stated that the issue may close earlier if it receives applications exceeding the offered amount. The bank is issuing 3 million debentures with a face value of Rs. 1,000 each, amounting to a total issue size of Rs. 3 billion. Of the total issue, 1.8 million units (60%) worth Rs. 1.80 billion will be placed through private placement, while the remaining 1.2 million units (40%) worth Rs. 1.20 billion are being offered to the general public. Out of the public portion, 60,000 units (5%) have been reserved for mutual funds. Investors can apply for a minimum of 25 units and up to the entire public issue. Sanima Capital Limited is serving as the issue and sales manager. Applications can be submitted through C-ASBA-approved banks and financial institutions or online via the Mero Share platform. The debenture has received a CARE-NP A- (Issuer Rating) from CARE Ratings Nepal, indicating an adequate degree of safety regarding the timely servicing of financial obligations. Interest on the debentures will be paid semi-annually after applicable taxes are deducted.

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