Cosmos Dev. Bank to float 5.03 lakh unit right shares from Shrawan 11; Paid up capital to reach Rs 10.06 crore

Cosmos Development Bank Limited (CSDBL) has called on its existing shareholders to start applying for 1:1 (100%) right shares from Shrawan 11, 2073. According to the notice published by the development bank today, the rights issue will remain open for 35 days before closing on Bhadra 13, 2073. Cosmos Development Bank will be issuing a total 5, 03, 125 unit right shares at the face value of Rs 100. Only shareholders who have bought the shares and transferred them to their name before the book closure date on Shrawan 3, 2073 will be eligible to apply for the right shares. Civil Capital Market Limited is the issue manager for the right issue. Interested shareholders can collect the application forms from Civil Capital Market Limited, Kamaladi, Kathmandu and from central and all branch offices of Cosmos Development Bank. After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 10.06 crore from existing Rs 5.03 crore. The bank has authorized capital of Rs 20 crore. Its public-promoter share structure stands at 60:40 ratio. CSDBL had earned a net profit of Rs. 93.31 lakh in the third quarter of the current fiscal year. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue. Its last traded price stood (LTP) at Rs 685 as on July 10, 2016.3