7th AGM of Kanchan Dev. Bank on Poush 9; to endorse 25% bonus & 30% right share

Kanchan Development Bank Limited (KADBL) will be convening its 7^th Annual General Meeting (AGM) on Poush 9, 2073. The AGM will be held at Hotel Opera Private Limited at 11:00 AM. The main agendas of the AGM are:

• To endorse 25 percent bonus share and 1.32 percent cash dividend including tax purpose from the net profit it earned from the fiscal year 2072/73.

• To endorse 10:3 right share to its shareholders after issuance of 25% bonus and 50% right share..
• To authorize BOD for necessary amendments as per directed by Nepal Rastra Bank and concerned authorities.
• To authorize BOD for necessary procedures relating to merger/acquisition of the development bank with other Bank and Financial Institutions.
• To authorize BOD to endorse Memorandum of Understanding (MOU) for the merger/acquisition process and appoint auditor for Due Diligence Audit (DDA).

Other agendas of the AGM include financial highlights of the FY 2072/73, appointment of auditor and election of 3 BOD members. Only those shareholders owning shares till Mangsir 29, 2073 will be entitled to the dividend of the company. The register of their shareholders will remain closed from Mangsir 30, 2073 till Poush 9, 2073 for the purpose of its upcoming (AGM), Also,  the bank has already published book closure date for 50 percent right share. KADBL will soon issue 50 percent right share to its shareholders. The book closure date for 50% right issues has been set for Mangsir 30, 2073 till Magh 23, 2073. Only the shares registered one day ahead of the book closure date i.e. Mangsir 29, 2073 will be eligible for the right shares. Kanchan Development Bank had earned net profit of Rs 81.40 lakh in the first quarter of current fiscal year 2073/74.