Deva Bikas Bank 40% right shares added in SEBON pipeline for approval

Deva Bikas Bank Limited (DBBL) has been added in Securities Board of Nepal (SEBON) pipeline to request approval for the issuance of right shares in the ratio 10:4 (40%). DBBL is seeking approval to issue 65,33,108 unit (40%) right shares worth Rs 65.33 crore of Rs 100 per share to its shareholders . The issue manager for the right issue is NIBL Capital Markets Limited. Recently, DBBL has proposed 17.1% bonus shares to its shareholders from the profit it had earned in the FY 2073/74. Deva has earned net profit of Rs 3.23 crore in the first quarter of fiscal year 2074/75. Its paid up capital currently stand at Rs 1.44 arba and after issuance of 17.1% bonus share its capital will reach Rs 1.69 arba. DBBL has signed an agreement to acquire Sarlahi-based Sahara Bikas Bank Limited (SHBL). Deva Bikas Bank had also acquired Union Finance and Sajha Bikas Bank. After acquiring Union and Sajha, Deva Bikas Bank, as a national-level development bank, should increase its paid up capital to Rs 2.50 arba by the end of FY 2073/74. After joint transaction with Sajha Bikas Bank and Union Finance, its paid up capital reached to Rs 1.88 arba. Moreover, after 40% right share issue, its paid up will reach to Rs 2.63 arba. (shareholder of Sajha and Union are also eligible for 40% right share)