Deva Bikas Bank appoints NIBL Capital as issue manager for 40% right shares

Deva Bikas Bank Limited (DBBL) has appointed NIBL Capital Markets Limited as the issue manager for its upcoming 40% right share. Mr. Bijay Bahadur Shrestha, CEO of the bank and Mr. Mekh Bahadur Thapa, CEO of NIBL Capital signed the right agreement. DBBL will now be issuing 65,33,108 unit (40%) right shares of worth Rs 65.33 crore of Rs 100 per share to its shareholders after the approval from SEBON. Its current paid up capital stands at 1.63 arba and after adjustment of right shares, it will reach to Rs 2.28 arba. DBBL has proposed 17% bonus shares to its shareholders from the profit it had earned in the FY 2073/74. Recently, DBBL has signed an agreement to acquire Sarlahi-based Sahara Bikas Bank Limited (SHBL). With this acquisition, Deva Bikas Bank is now acquiring a total of 3 BFIs. Deva Bikas Bank is also under process for acquiring Union Finance and Sajha Bikas Bank. After acquiring Union and Sajha, Deva Bikas Bank, as a national-level development bank, should increase its paid up capital to Rs 2.50 arba by the end of FY 2073/74. It has earned Rs 28.94 crore in the fourth quarter in the FY 2073/74. Its LTP stood at Rs 259 as of August 31, 2017.