After seven month long wait NRB approves proposed dividend of Lumbini Bikas Bank; bonus shares worth Rs.37.71 Crore to be issued

Nepal Stock Exchange Limited (NEPSE) has published a notice regarding the approval of proposed dividend of Lumbini Bikas Bank Limited (LBBL).

As per the notice, Nepal Rastra Bank (NRB) has approved the issue of bonus shares worth Rs.37.71 Crore i,e. 17% as dividend from the profits of FY 74/75. This decision is subject to approval from the upcoming AGM of the company.

LBBL had applied for the approval of dividend from NRB on 23^rd December, 2018. However, it received approval after a period of seven months. Market skeptics believed that NRB would cancel the proposed dividend.