NIC Asia Bank Limited Proposes to Issue Right Shares in the Ratio of 2:1

NIC Asia Bank Limited (NICA) has proposed to issue rights shares to its shareholders in a 2:1 ratio, equivalent to a 50% rights offering. The bank has formally requested prior approval from Nepal Rastra Bank (NRB) to issue rights shares.

The 746th meeting of the board of directors held on Poush 20, 2082, has decided to issue 50% right shares on the paid-up capital of Rs. 14.91 Arba. Under this plan, the bank intends to issue 74,587,835 units of rights shares worth Rs. 7.45 Arba. Hence, after the issue of 74,587,835 units of right shares, the paid-up capital of the company will be revamped to Rs. 22.37 Arba.

Note that the issuance of the right shares is contingent upon approval from the Nepal Rastra Bank and subsequent endorsement at the company's upcoming Annual General Meeting (AGM).