City Dev Bank opens 10:3 ratio rights shares; shareholders only till Ashoj 22 can apply

ShareSansar, October 22:

City Development Bank Ltd (CDBL) has opened its 10:3 ratio rights shares for the shareholders. Pokhara-based development bank opened the subscription for the rights shares from today.

The subscription of a total of 924,000 units of rights shares which holds Rs 100 face value will be closed on Mangsir 9.

According to a notice published by the development bank, shareholders having their names in the shareholder book till Ashoj 22 will only be entitled for the subscription of rights shares.

After the adjustment of the rights shares, the bank’s paid-up capital will reach Rs 40.04 crore from the capital of Rs 30.8 crore.  

Nabil Investment Banking Ltd is the issue manager for the issuance of the rights shares of the bank.

It may be noted that CDBL has reported 36 percent profit rise by the fourth quarter of the last fiscal year 2070/71. Its net profit has surged to Rs 9.81 crore up from Rs 7.24 crore in the corresponding quarter of the previous fiscal year 2069/70. City’s profit was fuelled by core business as its net interest income rose to Rs 17.99 crore up from Rs 14.53 crore.

The development bank pulled off such an impressive growth without writing back a single penny from the amount provisioned for loss.

The last trading price of CDBL at Nepal Stock Exchange stood at Rs 375.