Sahara and Sahayogi Bikas Bank cancel merger process, trading to resume today after hiatus of 8 months; regulator should be stringent with these issues
- ShareSansar, January 11, 2017 on Featured , Latest , Stock Market
Sahara Bikas Bank Limited (SHBL) and Sahayogi Bikas Bank Limited (SBBLJ) have cancelled their ongoing merger process. Their trading is resuming in NEPSE today. As per the notice published in NEPSE today, trading in security “SHBL” and “SBBLJ” has been resumed.
Sahara Bikas Bank and Sahayogi Bikas Bank had signed a Memorandum of Understanding for merger on May 17, 2016. As a result, trading of both development banks was in halt in NEPSE since the same day. The last closing price was Rs 395 of SBBLJ and Rs 1279 of SHBL. Meanwhile, SBBLJ has distributed 22% bonus from the profit of 72/73 FY to its shareholders, whereas, SHBL issued 150% right share and 18% bonus share to its shareholders.
The paid up capital of SHBL would be Rs 7.30 crore, whereas, of SBBLJ would be Rs 31.45 crore.