Agriculture Development Bank 9th AGM on Baisakh 14; to endorse 15% bonus & 50% right share

Agriculture Development Bank Limited (ADBL) will be convening its 9^th Annual General Meeting (AGM) on Baisakh 14, 2073. The AGM will be held at Agriculture Development Bank Central Traning Center, Bodhe, Bhaktapur at 11:00 AM. Main agendas of the AGM are:

• To endorse 15 percent bonus shares and 0.79 percent cash dividend for tax purpose from the net profit it earned from the fiscal year 2071/72.
• To increase authorized capital up to Rs 18 arba and amend the article of association accordingly. (After increment of authorized capital its ordinary & preference share capital will reach 9 arba each.)
• To convert preference share capital of Rs 1 arba (Rs.1, 00, 40, 88,000) into ordinary share. After conversion the preference share capital will remain at Rs 5.43 arba from the existing of Rs 6.43 arba.
• To endorse 2:1 (50%) right shares after bonus share is issued.
• To endorse help provided to earthquake victim of Rs 2.05 crore as a part of corporate social responsibility (CSR).
• To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Other main agendas of the AGM include financial highlights of 2071/72 and appointment of auditor. Only those shareholders owning shares till Chaitra 28 will be entitled to the dividend of the company. The register of their shareholders will remain close from Chaitra 29, 2072 till Baisakh 14, 2073 for the purpose of its upcoming AGM. Agriculture Development Bank has earned net profit of Rs 38.75 crore in the second quarter of the fiscal year 2072/73 as per unaudited report. It’s paid up capital stands at 3.42 arba and after the issuance of 15% bonus share the paid up capital will rise to Rs 3.93 arba.