Sebon approves to issue 15% Right Share of NIC Asia Bank; Nepal Bank 23.74% Right Share added in pipeline for approval

Securities Board of Nepal (SEBON) has given final approval to issue 100:15 (15%) right shares of NIC Asia Bank Limited (NICA). Civil Capital Markets Limited has been assigned as the issue manager for right share issue. NIC Asia Bank’s 19^th AGM held on Ashwin 18, 2072 had approved 15% right share i.e. 8,729,475 units to its existing shareholders. NIC Asia Bank has earned net profit of Rs 72.14 crore in the second quarter of the fiscal year 2073/74. It’s paid up capital after 26% bonus stands at Rs 5.82 arba. After the issuance of 15% right, the paid up will reach Rs 6.69 arba. As such, it will need to increase its paid up capital by a further 19.6% to reach NRB’s minimum requirement of Rs 8 arba by the end of FY 2073/74. Its last traded price stood (LTP) at Rs 431 as on March 6, 2017. Meanwhile, Nepal Bank Limited (NBL) has been added in Securities Board of Nepal (SEBON) right share pipeline for approval to issue 100:23.74 (23.74%). Civil Capital Limited has been assigned as the issue manager for right share issue. Nepal Bank’s 56^th AGM held on Jestha 28, 2073 had approved 23.74 % right share i.e 15,431,840 units to its existing shareholders. It’s paid up capital stands at Rs 6.49 arba. After the issuance of right shares, the paid up capital of the bank will reach over Rs. 8.04 arba. Nepal Bank has earned net profit of Rs 1.89 arba in the second quarter of the current fiscal year 2073/74. Its last traded price (LTP) stood at Rs 365 as of March 6, 2017.