13th AGM of Excel Development Bank to be held on 11th Chaitra; endorsement of cash dividend and right share issue among other agendas

The 217^th BOD meeting of Excel Development Bank (EDBL) has decided to convene the 13^th AGM of the development bank on 11^th Chaitra, 2075 (25^th march, 2019) at Hotel Holiday Home, Birtamod, Jhapa from 11 AM onwards.

As per the notice published on NEPSE, the agendas of the meeting include endorsement of audited financial statements of FY 74/75 and to appoint statutory auditor for FY 75/76. The AGM will also endorse 17% cash dividend worth Rs.11.77 Crore proposed for the shareholders from the profits of FY 74/75. The AGM will also elect 3 directors from the promoter shareholder group.

The AGM will also propose issue of 55% right shares worth Rs.38.09 Crore. The authorized capital of the bank will be increased from Rs.1 Arba to Rs.1.50 Arba. The current paid-up capital of the bank stands at Rs.69.26 Crore which will increase to Rs.1.07 Arba after the adjustment of right shares.

For the purpose of AGM and dividend, the books of the company will remain closed from 27^th Falgun to 11^th Chaitra, 2075. Investors holding shares of EDBL till 26^th Falgun, 2075 will be eligible to claim dividend and attend the AGM of the development bank.