Kathmandu. Prime Commercial Bank has extended the deadline for the debentures issued by the bank due to the lack of applications as per the demand.

The bank is issuing ‘6.25 percent Prime Bank Debenture 2093’ with a maturity period of 10 years at an interest rate of 6.25 per cent. The deadline has been extended after the debentures issued till date did not apply as per the demand. Applications can now be submitted till July 30.

The bank is issuing 3 million units of debentures at a face value of Rs 1,000 each. Out of the total offered shares, 60% i.e. 1.8 billion units of debentures worth Rs 1.80 billion will be set aside for individuals and the remaining 40% i.e. 1.2 million units will be issued to the general public. Out of the total offered debentures, 5% i.e. 60,000 units of debentures have been set aside for mutual funds.

Applications can be place for minimum 25 units and maximum of all units.

Sanima Capital Limited has been appointed as the issue manager for the IPO issuance. The interested bidders can apply for the shares online from the banks and financial institutions approved by the Securities Board of Nepal (SEBON) and their designated branches.

Care Ratings Nepal has assigned a ‘CareNP’ Single A Minus Issue Rating to the bank. This indicates high security in terms of meeting financial obligations on time. The interest accrued in the debentures will be paid after the expiry of tax in the first fiscal year and second half year of each fiscal year.