Bhargav Bikas Bank to convert 9% promoters share into ordinary share

Bhargav Bikas Bank (BHBL) has published a notice regarding the conversion of its promoters share into ordinary shares. Currently, the bank has a share structure of 60% promoter share and 40% ordinary share. BHBL has published the notice regarding conversion of its share structure to 51:49 i.e. converting 9% of the promoter shares into ordinary shares. Also the notice has requested the promoters unwilling to convert their shares into ordinary shares, to provide a written application within 35 days. Its paid up capital remains at Rs 26.40 crore with Rs 8.50 crore in its reserve. The bank had floated 80% right shares after the issuance of which, its paid up capital would reach Rs 47.52 crore from current Rs 26.40 crore. However, it has allotted 13.58 lakh unit shares and remaining 7.53 lakh unit shares are to be auctioned in near future.