With the approval, the bank will issue 1 million units of debenture worth Rs 1 billion at a face value of Rs 1,000. Out of the total offering, the bank will issue 40 percent to general public while the remaining 60 percent will be financed privately.
The 'Prabhu Bank Debenture 2086' will mature in 10 years and yield 10 percent interest.
In this regard, the bank has appointed Sunrise Capital as its issue manager.