Deva Bikas Bank signs acquisition deal with Union Finance; UFCL trading halted in NEPSE

Deva Bikas Bank Limited (DBBL) has signed an agreement to acquire Union Finance limited (UFCL). Trading of Union Finance has been suspended from today (Chaitra 10, 2073) in Nepal stock exchange following the acquisition process. Deva Bikas Bank had issued 2:1 (50%) right shares to its existing shareholders from Magh 9, 2073 till Falgun 27, 2073. After issuance of 50% right share, its paid up capital reached Rs 1.44 arba. Union Finance has earned net profit of Rs. 2.13 lakh in its second quarter of the fiscal year 2073/74. Its paid up capital stands at Rs 17.65 crore. After acquisition, Deva Bikas Bank paid up capital will reach Rs 1.61 arba.