Citizens Bank (55%) 16.85 million units Right shares offer starts from today; ends on Shrawan 9

Citizens Bank International Limited (CZBIL) is issuing 10:5.5 (55%) right shares  to its existing shareholders from today (Ashad 5, 2073). The right issue will close on Shrawan 9, 2073. Only shareholders who have bought the shares and transferred them to their name before the book closure date on Jestha 24, 2073 would be eligible to apply for the right shares. Citizens Bank is issuing a total 1, 68, 58, 786 unit right shares at the face value of Rs 100. Global IME Capital Limited is the issue manager for the right issue. Interested shareholders can collect the application forms from Global IME Capital Limited, Rastriya Naachghar, Jamal , Kathmandu and from central and all branch offices of Citizens Bank International Limited. After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 4.75 arba from current Rs 3.06 arba. The bank has authorized capital of Rs 10 arba. Its public-promoter share structure stands at 51.29:48.79 ratio. CZBIL had earned a net profit of Rs. 72.80 crore in the third quarter of the current fiscal year. ICRA Nepal has assigned an “[ICRANP] IPO Grade 3”, indicating below-average fundamentals to the proposed rights issue. Its last traded price stood (LTP) at Rs 570 as on June 16, 2016.