Bhargav Bikas Bank to float 80% (21.12 lakh unit) right shares from Kartik 24; offer ends Mangsir 28

Bhargav Bikas Bank Limited (BHBL) will be issuing 21,12,000 unit right shares to its shareholders in the ratio 10:8 (80%) from Kartik 24, 2074. As per the notice published by the development bank today, “The rights issue will remain open for 35 days before closing on Mangsir 28, 2074.” The book closure date for the 80% right issue has been set for Kartik 15, 2074. Only those shareholders holding shares traded one trading day ahead of the book closure date i.e. until Kartik 14, 2074 are eligible to apply for the right shares. NMB Capital Limited is the issue manager for the right issue. Interested applicants can collect application forms from NMB Capital Limited, Nagpokhari, Kathmandu and also from designated branches of Bhargav Bikas Bank Limited and NMB Bank Limited. After the issuance of this 80% right share, its paid up capital will reach Rs 47.52 crore from current Rs 26.40 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%). Its LTP stood at Rs 276 as of last trading day.