Citizens Bank to float 25% (1.38 crore units) right shares from Chaitra 24; offer ends on Baisakh 27

Citizens Bank International Limited (CZBIL) will be issuing 10:2.5 (25%) right shares to its existing shareholders from Chaitra 24, 2073. According to the notice published by the commercial bank today, the rights issue will remain open for 35 days before closing on Baisakh 27, 2074. CZBIL will be issuing a total of 1,38,43,379 unit right shares at the face value of Rs 100. The book closure date for 25% right issue was set for Falgun 26, 2073. Only the shares registered one trading day ahead of the book closure date i.e. Falgun 24, 2073 are eligible for the right shares. Sanima Capital Limited is the issue manager for the right issue. After the adjustment of rights shares, the commercial bank’s total paid-up capital will reach Rs 6.92 arba from the existing Rs 5.53 arba. The bank has authorized capital of Rs 10 arba. Its public-promoter share structure stands at 51.32:48.68 ratio. Interested shareholders can collect the application forms from Sanima Capital, Naxal, CBIL Capital Limited, Dillibazar, Kathmandu and all branch offices of Citizens Bank. Citizens Bank has earned net profit of Rs.60.76 crore in its 2nd quarter of the fiscal year 2073/74. As per NRB’s requirement for all commercial banks to increase their paid up capital to Rs 8 arba by the end of FY 2073/74, CZBIL will need to increase its capital by a further 15.6%.