Prabhu AGM endorses 20% right shares; paid up to exceed Rs 3 arba 85 crore

ShareSansar, March 20:

Prabhu Bank Limited (PRVU) concluded its 12th and 13th AGM on Saturday offering 20 percent right shares. The bank’s paid up capital will rise to more than Rs 3 arba 85 crore after the right share issue from the current paid up of Rs 3 arba 20 crore.

The AGM appointed Deviprakash Bhattachan, Daksha Poudel, Bikas Shakya, Ambika Sharma Lamichhane as BoD members from the promoters side, and Kusum Lama and Pushpa Bahadur Pradhan were elected as BoD members representing public shareholders.  

Meanwhile, the AGM has authorized the bank to go ahead with mergers and acquisitions with other BFIs, to appoint auditor for due diligence audit for merger and acquisition, and sign MoUs for the same.

Prabhu earned a net profit of Rs 54 crore in the second quarter of the ongoing fiscal year.

The bank’s balance sheet has ballooned to Rs 40 arba because of the progress in loans and advances, deposits, interest income, other income and recovery from bad loans has ballooned to Rs 40 arba, Deviprasad Bhattachan, chairman of the bank said.

Prabhu Bank was formed following the merger of Kist Bank, Prabhu Development Bank, Gauri Shankar Bikas Bank and Zenith Finance.