ICRA Nepal assigns grade 3 to upcoming 15% right issue of Sunrise Bank

ICRA Nepal has assigned an “[ICRANP] IPO Grade 3”, indicating average fundamentals to the proposed rights issue amounting NPR 369.047 Million of Sunrise Bank Limited (SRBL). The process to issue right share of SRBL is on review in SEBON. The bank will be issuing right shares in the ratio 20:3. At present SRBL has a paid up capital of Rs 2.44 arba. After the issuance of 21.5 % bonus shares, its paid up capital will reach to Rs2.96 arba. After the issuance of 15% right shares its paid up will stand at Rs 3.40 arba. Civil Capital Market limited has been assigned as the issue manager for the right issue. ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals. The bank had accumulated net profit of Rs 47.43 crore in the fourth quarter of last fiscal year.