Central Bank Gives Final Approval to Infinity Laghubitta's Acquisition of Nepal Agro Laghubitta
Sun, Aug 1, 2021 10:56 AM on Latest, Merger/Acquistion,
Nepal Agro Laghubitta Bittiya Sanstha Limited (NAGRO) will now be acquired by Infinity Laghubitta Bittiya Sanstha Limited (ILBS). Nepal Rastra Bank has now given final approval to the acquisition proposal endorsed by both the companies' respective AGM. The central bank gave the approval on Shrawan 15.
The trading of NAGRO was halted in NEPSE because the company had signed a Memorandum of Understanding (MoU) for merger and acquisition with NESDO Sambridha Laghubitta. However, Infinity Laghubitta Bittiya Sanstha Limited (ILBS) unveiled a notice stating that it has signed an acquisition agreement with Nepal Agro Laghubitta in which the former will acquire the latter.
The SGM of Infinity Laghubitta recently endorsed the board’s decision to acquire Nepal Agro Laghubitta and has fixed the share swap ratio at 100:98 shares between these organizations. The acquisition agreement was signed on Magh 26, 2077 by Mr. Balram Bista representing ILBS and Mr. Bibek Shrestha representing NAGRO. NAGRO is a microfinance company with its central office in Bindhyabasini, Pokhara - 18, Kaski. The company has an operational area of 10 districts. The paid-up capital after acquisition will be Rs. 32,59,08,646.