Jyoti Bikas Bank to convert 3.35% of total shares from promoter to public; BOD authorizes CEO to initiate procedures

The 374th meeting of the board of directors of Jyoti Bikash Bank Limited (JBBL) has issued a new decision on promoter share conversion.

The meeting has authorized the CEO of the company to initiate the process of promoter share conversion. The company has decided to convert 3.35% of the total shares from promoter shares to ordinary shares. This will take the promoter shareholding down from the existing 54.35% to 51%.

The CEO can now submit a request to Nepal Rastra Bank (NRB) for approval of the same. The CEO is also authorized to carry out related procedures to bring the decision to fruition. As of writing, the ordinary shares of Jyoti Bikas Bank have the last-day price close of Rs. 214 per share.