Book closure for 35% right share of Sahayogi Bikas Bank on Baisakh 15; LTP at Rs 421

Securities Board of Nepal (SEBON) had provided final approval to Sahayogi Bikas Bank Limited (SBBLJ) for the issuance of 35% right shares on Baisakh 5, 2074. SBBLJ has announced Baisakh 15, 2074 as book closure date for the right issue. As per the notice published today, the register of their shareholders will close on Baisakh 15, 2074 for the purpose of issuing right share in the ratio of 10:3.5. Only those shareholders holding shares that have been traded one trading day ahead of the book closure date i.e. until Baisakh 14, 2074 are eligible to apply for the right shares. SBBLJ will be issuing a total of 11,01,135 units right shares worth Rs 11.01 crore to its existing shareholders at Rs 100 per share. After the capitalization of 35% right shares, its paid up capital will reach Rs 42.47 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, SBBLJ will need to issue a further capital hike of around 17.80%.