Kathmandu. KATHMANDU: The Special General Meeting (SGM) of Citizens Bank International Limited has endorsed a proposal to issue unissued unsecured preference shares worth Rs 2 billion with fixed dividend rate of 7.5 percent.

The AGM held on June 17 endorsed the proposal to issue shares at a face value of Rs 100 per share. After taking permission from the Securities Board of Nepal (SEBON), the bank will sell the shares to the institutional investors through a circular method.

The shares can also be traded in the secondary market as there is a provision to pay dividend only in the year of distributable profit. Presently, the bank has a paid-up capital of Rs 15.50 billion.