Gandaki Bikas Bank to float 25% (46.09 lakh units) right shares from Poush 7; offer ends Magh 11

Gandaki Bikas Bank Limited (GDBL) will be issuing 46,09,815.5 units right shares to its shareholders in the ratio 4:1 (25%) from Poush 7, 2074 As per the notice published by the development bank today, “The right issue will remain open for 35 days before closing on Magh 11, 2074.” The book closure date was set on Mangsir 15, 2074. Only those shareholders that have shares traded ahead of the book closure date, i.e. till Mangsir 14, 2074 i.e. one day ahead of the book closure date are eligible to for right shares. Prabhu Capital Limited is the issue manager for the right issue. Interested applicants can collect application forms from Prabhu Capital Markets Limited, Lazimpat, Kathmandu and also from designated branches of Gandaki Bikas Bank Limited and Prabhu Bank Limited. ICRA Nepal Limited has assigned IPO Grade 3 rating to the upcoming 25% right share of Gandaki Bikas Bank Limited (GDBL), indicating average fundamentals. Gandaki Bikas Bank, after merger with Fewa Bikas Bank, has earned net profit of Rs 5.39 crore in the first quarter current FY 2074/75. Its current paid-up capital stands at Rs 1.84 arba and after issuing 25% right shares, its paid-up capital will reach Rs 2.30 arba. As per NRB’s directive for national-level development banks, GDBL should increase its paid-up capital to Rs 2.50 arba. Thus it should further hike its capital by Rs 20 crore (around 8.69%). Click here to see announcement: