9th AGM of Purnima Bikas Bank on Poush 23; to endorse 16.467% bonus & 25% right share

Purnima Bikas Bank Limited (PURBL) will be convening its 9^th Annual General Meeting (AGM) on Poush 23, 2073. The AGM will be held at Peace Night Restaurant and Party Palace, Rupandehi at 8:30 AM. The main agendas of the AGM are:

• To endorse 24.7 percent bonus share (it becomes 16.467% bonus share after recently issued 50% right share adjustment) and 1.3 percent cash dividend for tax purpose from the net profit it earned from the fiscal year 2072/73.
• To endorse 4:1 right share after bonus share distribution and after issuance of 50% right share.
• To increase issued and paid up capital and amend article of association accordingly.
• To authorize BOD to initiate merger/acquisition process of the development bank with other financial institutions.
• To amend the article of association and memorandum of association as directed by registrar officer or the Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of 2072/73, appointment of auditor and election of 3 BOD members from promoter shareholders group and one BOD member from public shareholder group. Only those shareholders owning shares till Poush 7, 2073 will be entitled to the bonus share of the company. The register of their shareholders will be closed from Poush 8, 2073 for the purpose of its upcoming AGM. A separate book closure date will be published for the right share. Purnima Bikas Bank had earned net profit of Rs. 1.71 crore in the first quarter of the current fiscal year 2073/74. The paid up capital of the development bank remains at Rs 20.17 crore. After the issuance of 50% right share, its paid up capital will reach to Rs 30.25 crore. Likewise, after distribution of 16.47% bonus share its paid up capital will rise to Rs 35.24 crore. Again after the issuance of 25% right share its paid up will reach Rs 44.04 crore. As per the NRB requirement any 1-3 district level development bank has to make their paid up capital to Rs 50 crore by the end of 2073/74 FY.  In this case, PURBL don't seem to go for merger or acquisition with other BFIs but shall make it on its own.