Kathmandu – Kamana Sewa Bikas Bank has appointed NIMB S Capital as the issue and sales manager for the issuance of its irredeemable, non-convertible preference shares.

The bank is set to issue preference shares with an annual dividend rate of 9%. The appointment of the issue manager was made to facilitate this process.

The agreement was signed by Dinesh Thakali, Chief Executive Officer of Kamana Sewa Bikas Bank, and Sachindra Dhungana, General Manager of NIMB S Capital, on behalf of their respective organizations.

The bank plans to issue 3.5 million shares with a face value of NPR 100 each, amounting to NPR 350 million.

These non-convertible preference shares, which will contribute to the bank’s supplementary capital, do not have a fixed redemption period. The shares will be issued through a private placement process.