Thursday, 5 December 2013 00:04
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National Development Bank PLC’s (NDB) mega Rs. 10 billion listed debenture issue became open for subscription for the investing public from yesterday.
The bank is issuing 50 million rated, unsecured, subordinated, redeemable debentures at Rs. 100 each with an option to issue a further 30 million debentures and another option of 20 million debentures in the event of over subscription of the first two options.
Whilst investors began subscribing to the mega debenture issue from yesterday, the official opening is on 12 December 2013.
There are four types of A+ rated debentures to choose from. Tenures range from five, 10 and 12 years with interest rates ranging from 13% payable semi-annually and 13.40% payable annually on five year instruments (annual effective rate of 13.42% and 13.40% respectively), to 13.90% payable annually on 10 year debenture and 14% payable annually on 12 year debenture. NDB Investment Bank Ltd. is the manager to the issue.
