It's confirmed current paid up capital of ADBL is Rs 9.86 arba; highest among BFI's

As per the 4^th quarter unaudited report, Agriculture Development Bank (ADBL) has a paid up capital of Rs 9.86 arba. The ordinary paid up capital stands at Rs 3.42 arba. The 6% non cumulative irredeemable preference share of Government of Nepal stands at Rs 6.43 arba. The net profit of ADBL stood at Rs 1.87 arba in the fourth quarter of last fiscal year. According to annual report 2070-71, the 6% non cumulative irredeemable preference share was to be converted to redeemable shares after which the redeemable shares would be converted to debenture. This proposal was passed by the 8^th Annual General Meeting of ADBL held on June 13, 2015. Mr. Poshan Raj Lamichhane, Company Secretary of ADBL, said, “The proposal to convert of Rs 6.43 arba into debenture had been sent to the Ministry of Finance (MoF). After the monetary policy 2072-73, we have asked the MoF to scrap the proposal to convert 6% non cumulative irredeemable preference share to debenture. So, as of now our paid up capital stands at Rs 9.86 arba.” The ADBL has notified the Office of Company Registrar (OCR) that the paid up capital of ADBL has increased to Rs 9.86 arba. The OCR has acknowledged and recorded the change in paid up capital of ADBL. The OCR has also sent the copy of acknowledgement regarding the change in the paid up capital of ADBL to the Nepal Rastra Bank. The Last traded price of ADBL is Rs. 450 as on September 28, 2015.