Book closure for 50% right issue of Karnali Dev. Bank on Baisakh 14; LTP stood Rs 198

Karnali Development Bank Limited (KRBL) has announced the book closure date for 2:1 (50%) right share. The book closure date for 2:1 right issues has been set for Baisakh 14, 2073. Only the shares registered one day ahead of the book closure date i.e. Baisakh 13 will be eligible for the right shares. KRBL had earned a net profit of Rs. 16.92 lakh in the second quarter of the current fiscal year. The paid up capital of the bank stands at 10 crore. After the issuance of 50 percent, the paid up capital will stand at Rs 15 crore. Growmore Merchant Banker Limited has been assigned as the issue manager for the right issue. Its last traded price stood at Rs 198 as on April 17, 2016. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue.