Everest Bank converting 20% (7% convertible preference share) into ordinary share; Book closure on Ashwin 13

Everest Bank Limited has the provision of converting 20 percent of its 7% convertible preference share on every 3 years basis and the bank has published a book closure date for the same. It is the third time the bank is converting 20% preference share into ordinary share. Earlier, 40% shares has already been converted into ordinary shares. As per the notice published by the commercial bank today, the register of the company will remain close from Ashwin 13, 2073 to till Ashwin 20, 2073. Only those shareholders owning 7% convertible preference shares till Ashwin 12, 2073 will be entitled to convert 33.33% shares of Everest Bank’s ordinary shares i.e. 20% shares of the total convertible preference share. The bank will convert its preference share on Ashwin 30, 2073. After the book closure, the preference share will be traded only in even numbers. The 151st Board meeting and 12th Annual General Meeting held on 12 July 2006 and 27th November 2006 respectively had decided to increase Bank's Capital by issuing 7% convertible Preference Share. The Bank had issued 7% Irredeemable Convertible Preference Shares of Rs. 20.00 Crore (20, 00,000 Shares of Rs. 100/- each) at a premium of Rs. 100/- per Share.