KATHMANDU, March 24: ICRA Nepal has assigned an '[ICRANP] IPO Grade 3' to the proposed rights issue of Citizens Bank International Ltd (CIBL).
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Issuing a statement, the commercial bank said that rating for its rights issue amounting to Rs 1.7 billion indicates ' average fundamentals '. CBIL is floating 10:5.5 rights issue at a face value of Rs 100.
The bank is waiting for the approval of Securities Board of Nepal to float the shares. It plans to float by mid-May, according to the statement.
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