Book closure for 12% right share of Machhapuchchhre Bank & 25% right share of Purnima Bikas Bank on Jestha 16

Machhapuchchhre Bank Limited (MBL) and Purnima Bikas Bank Limited (PURBL) recently received approval from SEBON to issue 12% right shares and 25% right shares respectively. Both banks have announced book closure date for the right issue on Jestha 16, 2074. Only those shareholders holding shares one trading day ahead of the book closure date i.e. till Jestha 14, 2074 are eligible to apply for the right shares. MBL will be floating a total of 79,18,440 units right shares worth Rs 79.18 crore while PURBL will be floating 8,80,962.82 units right shares worth Rs 8.80 crore to its shareholders. After the issuance of 12% right shares, MBL’s paid up capital will reach Rs 7.39 arba. As per NRB’s directive for commercial banks, MBL should raise its paid up capital to a minimum of Rs 8 arba by the end of FY 2073/74, for which it will need to issue a further capital hike of around Rs 61 crore (around 8.30%). Likewise, PURBL’s paid up capital after the right issue will reach Rs 44.04 crore. It should increase its paid up capital to Rs 50 crore by the end of FY 2073/74, for which it will need to issue a further capital hike of Rs 5.96 crore (around 13.60%).