In the Special General Meeting (SGM) of Civil Capital Market Limited, held on 28th Chaitra, 2075, the merchant banker has decided to issue IPO worth Rs.3.75 Crore.
The company had increased their issued capital from Rs.20 Crore to Rs.25 Crore in the SGM. The company will be issuing 15% of the issued capital to the general public as per the CEO Mr. Sushil Maharjan.
Also, the company will be issuing 25% promoter right shares, increasing the promoter shareholding from Rs.17 Crore to Rs.21.25 Crore.
Since this issue will inflate the paid up capital of the company, the necessary changes were made in the memorandum and articles of the company. It has also provided authority to the BOD to make necessary changes in the memorandum and articles of the company in case of any fluctuation.
Earlier, CBIL Capital has proposed the issue of Rs.3 Crore as IPO and had applied for approval from Securities Exchange Boar of Nepal (SEBON). ICRA Nepal had rated the issue Grade 4 indicating below average fundamentals. Nepal SBI Merchant Bank has been appointed as the issue manager for the IPO issuance.