Book Closure date for 30% right share of Kanchan Development Bank on Ashad 1

Kanchan Development Bank Limited (KADBL) had received approval from SEBON to issue right shares in the ratio 10:3 (30%) on Jestha 7, 2074. The development bank  has announced book closure for the rights issue. As per the notice published by the bank today, the register of their shareholders will close on Ashad 1, 2074. Only those shareholders having shares one day ahead of the book closure date i.e. till Jestha 31, 2074 are eligible to apply for the right shares. Starting today, shareholders who buy KADBL shares within 9 days are eligible to apply in this right issue. Global IME Capital Limited is the issue manager for right share of Kanchan Development Bank. KADBL will be issuing a total of  1,039,500 units right shares worth Rs 10.39 crore, each to be floated to its existing shareholders at par value of Rs 100 per share. KADBL’s 7^th AGM held on December 25, 2016 had endorsed the agenda to issue further 30% right shares. Its current paid up capital remains at Rs 34.65 crore. After the issuance of 30% right, its paid up capital will reach Rs 45.04 crore. As per NRB’s directive 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, KADBL will need to issue a further capital hike of around 11%.