Book Closure for 100% right share of Laxmi Bank on Chaitra 18; LTP at Rs 764

Laxmi Bank Limited (LBL) has set book closure date for its upcoming 1:1 (100%) right shares. As per the notice published in NEPSE today, the bank has decided to close the register of their shareholders on Chaitra 18, 2073 for the purpose of issuing right share. Only those shareholders that have shares traded ahead of the book closure date will be eligible to apply for the right shares. SEBON had given approval for the issuance of right shares on Chaitra 1 , 2073. Siddhartha Capital Limited has been assigned as the issue manager for right share issue. Laxmi Bank SGM held on Kartik 7, 2073 had endorsed 1:1 right share i.e. 3,15,90,303 units to its existing shareholders. Laxmi Bank had acquired Professional Diyalo Bikas Bank at a swap ratio of 100:50. The joint operation of both the banks started from Magh 2, 2073 as a class “A” commercial bank. LBL has proposed 18.29% bonus share for the FY 2072/73, which will be distributed after issuance of right shares. After the issuance of right and bonus shares, its paid up capital will reach Rs 7.47 arba. As per NRB’s requirement for all commercial banks to maintain a minimum paid up capital of Rs 8 arba by the end of FY 2073/74, it will need to issue a further capital increase of around 7.1%. Its last traded price (LTP) stood at Rs 764 as on March 23, 2017.