CYC Nepal Laghubitta Commencing Joint Operation After Acquisition; Company Issuing IPO to Public Soon

Sun, Jul 11, 2021 11:38 AM on Latest, Merger/Acquistion,

After a successful acquisition process, CYC Nepal Laghubitta and Shaligram Laghubitta are commencing joint operation in the name of CYC Nepal Laghubitta Bittiya Sanstha Limited. The former microfinance company acquired the latter. The companies will commence joint operation on 29th Ashar, 2078.

CYC Nepal Laghubitta is a microfinance company with its central office in Baglung. The company acquired Shaligram Laghubitta, another microfinance company with its central office in Beni, Myagdi. After the acquisition, the authorized capital of the company has scaled to Rs. 20 crores and the issued capital has scaled to Rs. 12,16,41,837.04. Promoters own 67.5% of the company. The rest of the equity will be fulfilled by issuing an IPO.

CYC Nepal Laghubitta is issuing 3,95,335.9704 shares via an Initial Public Offering (IPO). Global IME Capital has been appointed the issue manager for the IPO issue. The issue manager agreement was signed between the managing director of the microfinance company, Mr. Dolindra Prasad Sharma, and deputy CEO of the capital, Mr. Parag Bista.