Agricultural Development Bank to approve 20% bonus share; 10th AGM today

Agricultural Development Bank Limited (ADBL) is holding its 10^th Annual General Meeting (AGM) today (Chaitra 31, 2073). The meeting is being held at the Agricultural Development Bank’s Central Training Center, Bodhe, Bhaktapur at 11:00 AM. The main agendas of the meeting are:

• To approve 20 percent bonus share and 1.05 percent cash dividend for tax purpose from the net profit it earned from the fiscal year 2072/73.
• To increase its issued and paid up capital after issuance of bonus share and amend article of association accordingly.
• To amend article of association and memorandum of association as per directed by company registrar office or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of the FY 2072/73 and appointment of auditor. The register of their shareholders has been closed from Chaitra 18 to Chaitra 31, 2073. Only those shares traded one day ahead of the book closure date i.e. till Chaitra 17, 2073 are eligible for the bonus shares and for participation in the AGM. Agricultural Development Bank had earned net profit of Rs 90.66 crore in the second quarter of the current fiscal year 2073/74. After the capitalization of bonus and 50% right share, the paid up capital of the commercial bank will reach Rs 7.08 arba, in addition to irredeemable preference share capital worth Rs 5.43 arba. It will need to further hike its capital by around 13% to meet NRB’s minimum requirement of Rs 8 arba by the end of FY 2073/74.