Sebon approves to issue 45% right share of Reliance Finance

Securities Board of Nepal (SEBON) has provided approval to Reliance Finance Limited (RLFL) for the issuance of right shares. RLFL will be issuing right shares in the ratio 10:4.5 (45%). Sunrise Capital Limited is the issue manager for right share. RLFL will be issuing a total of 2,306,571.60 units right shares worth Rs 23.06 crore, each to be floated to its existing shareholders at par value of Rs 100 per share. RLFL’s current paid up capital remains at Rs 51.25 crore. After issuance of 45% right share, its paid up capital will reach Rs 74.32 crore. As per NRB’s directive for all national level finance companies to increase their paid up capital to a minimum of Rs 80 crore by the end of FY 2073/74, RLFL should increase a further capital hike of Rs 5.68 crore (around 7.65%).