Bhargav Bikas Bank SGM on Jestha 6; to endorse 80% right shares

Bhargav Bikas Bank Limited (BHBL) is going to conduct its Special General Meeting (SGM) on Jestha 6, 2074. The SGM is going to be held in Hotel Kalpataru, New Road, Nepalgunj at 11:00 AM. The main agendas of the meeting are:

1. To increase the bank’s authorized, issued and paid up capital
2. To endorse 80% right shares to be floated on its existing capital of Rs 26.40 crore
3. To provide authority to BOD for merger/acquisition agreement with appropriate Banks and Financial Institutions (BFIs)
4. To amend the Memorandum of Association and Article of Association as per directions received from regulatory authorities

The register of their shareholders will close on Baisakh 28, 2074 for the purpose of this SGM. Only those shareholders holding shares till one trading day ahead of the book closure date i.e. until Baisakh 25, 2074 are eligible for participation in the SGM. Bhargav Bikas Bank has earned net profit of Rs 1.80 crore till the end of second quarter of the ongoing fiscal year. It had recently issued 100% right share to its shareholders. After this, its paid up capital has reached Rs 26.40 crore. After the issuance of proposed 80% right share, its paid up capital will reach Rs 47.52 crore, As per NRB’s requirement for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, BHBL will need to issue a further capital hike of Rs 2.48 crore (around 5.25%).