Garima Development Bank to issue one billion rupees rubber debentures

Garima Development Bank Limited is going to issue debentures worth a maximum of rs 1 billion at an annual interest rate of 8.75 percent. The bank is going to issue 1 million debentures with a face value of rs 1,000 per share for seven years from thursday.Out of this, 4 lakh lots equal to rs. 400 million will be sold to the general public. The company has informed that 5 percent or 20,000 lots have been set aside for collective investment fund and the remaining 600,000 lots equal to rs. 600 million will be sold individually.The company has stated that the application for Garima Debenture 2085 will be opened till December 6 and if the application is not received within that period, the eviction period will be continued till December 1. ICRA Nepal has given ICRP RI BBB rating to the bank.

Investors can apply for purchase from a minimum of 25 lots and a maximum of 100,000 lots from C-ASWA member banks and financial institutions. NIVL S Capital Ltd. is the issuer and sales manager of the bond.