Siddhartha Dev. Bank to be acquired by Janata Bank; trading halt in NEPSE from today

Janata Bank Nepal Limited (JBNL) has signed an agreement to acquire Siddhartha Development Bank Limited (SDBL). As a result, trading of SDBL has been suspended in NEPSE from today (March 2, 2017). JBNL’s trading is already halt following its merger with Triveni Bikas Bank Limited (TBBL). JBNL and TBBL have already endorsed final agreement for merger in a share swap of 1:1 from their respective AGMs, and are in final stage to start joint operation. After their merger, the paid up capital will reach Rs 4.72 arba and will issue a further 60% right share. After the issuance of 60% right by JBNL, its paid up capital will reach Rs 7.55 arba. Likewise, SDBL’s 17^th AGM has also endorsed 60% right share issue. After the issuance of 60% right share, its paid up capital will reach Rs 2.25 arba. The share swap ratio for the acquisition has not been fixed yet.