NDB to raise Rs. 10 b in a year via multiple debenture issues

Thursday, 26 January 2023 02:17 - - {{hitsCtrl.values.hits}}

The National Development Bank PLC has announced plans to raise Rs. 10 billion within a year via a BASEL III compliant debenture issue.

Its board on Tuesday resolved to issue up to a maximum of 100 million BASEL III compliant Tier 2, listed, rated, unsecured, subordinate, redeemable debentures with a Non-Viability Conversion of Rs. 100 each. The 100 million debentures will be issued in multiple instances, the timing of which is within one year time frame from the date of obtaining shareholder approval and will be decided by the board of directors based on the requirements and prevailing market conditions.

The size, tenure (five years), coupon rate/s, frequency of coupon/s etc as determined by the board as per the requirements of the Bank will be notified prior to the opening of such multiple issues planned.

The debentures will be offered to qualified investors.

The proposed issuances of debentures are subject to regulatory approvals.

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