Central Bank Approves Rights Offering Proposal of NABBC With Conditional Modification

Nepal Rastra Bank has given approval to the rights offering proposal of Narayani Development Bank Limited (NABBC) but with conditional changes.

The 19th AGM of the company held on Magh 16, 2077 had endorsed the proposal to issue 1: 2 right shares. The right shares were to be issued on the paid-up capital of Rs. 13,12,33,800.

However, based on the letter forwarded by the central bank on Jestha 20, 2078, the development bank has been given approval to issue the right shares in a 1: 1 ratio only. This will only double the paid-up capital, compared to the company's expectation to tripe it.

As of writing, NABBC has an LTP of Rs. 770.