7.08 lakh units unsubscribed right shares of Sindhu Bikas Bank to be sold through auction

Sindhu Bikash Bank Limited (SINDU) has allotted its 13,88,565 units right shares. The development bank had floated 10:8 (20,97,540 units) right shares to its shareholders on Bhadra 18, 2074. Out of total 20.97 lakh units right shares, only 13.88 lakh units right shares were claimed by the shareholders and remaining 7,08,975 units unclaimed right shares will  be sold through auction. After the adjustment of the rights shares, the bank’s total paid-up capital will reach Rs 47.19 crore from the existing Rs 26.21 crore. The bank has authorized capital of 70 crore. SINDU has earned net profit of Rs 3.72 crore in the fourth quarter of the last FY 2073/74. As per NRB’s directive for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, SINDU will need to issue a further capital hike of around 6%.