Book closure for 35% right share of Tinau Dev Bank on Baisakh 6; LTP at Rs 507

Securities Board of Nepal (SEBON) had provided final approval to Tinau Development Bank Limited (TNBL) for the issuance of 35% right shares on Chaitra 28, 2073. TNBL has announced Baisakh 6, 2074 as book closure date for the same. As per the notice published in NEPSE today, the register of their shareholders will close on Baisakh 6, 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 5, 2074 are eligible to apply for the right shares. Siddhartha Capital Limited is the issue manager. TNBL will be issuing a total of 11,94,796.09 units right shares worth Rs 11.94 crore at a face value of Rs 100 per unit to its shareholders. TNBL had endorsed 25% bonus share for the FY 2072/73. Its paid up capital after the issuance of bonus stands at Rs 34.12 crore. After the issuance of 35% right shares, its paid up capital will reach Rs 46.06 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, it will need to issue a further capital hike of around 8.55%. Its last closing price stood at Rs 507 as of yesterday (Chaitra 29, 2073).