Everest Bank SGM today; to authorize BOD for merger/acquisition & convert promoter shares to public

Everest Bank Limited (EBL) is conducting its Special General Meeting (SGM) today (Baisakh 20, 2074). The SGM is being held at Lainchaur Banquet, Lainchaur, Kathmandu at 11:00 AM. The main agendas of the SGM are:

1. To provide authority to BOD for merger/acquisition with suitable banks and financial institutions (BFIs)
2. To dilute promoter shares to 51% by converting them to ordinary shares after approval from Nepal Rastra Bank (NRB) and make necessary amendments in its Article of Association (AOA)
3. To add a clause in its Memorandum of Association (MOA) regarding renouncement of right for right shares
4. To add a clause in its MOA regarding allowance for directors

The register of their shareholders was closed on Baisakh 11, 2074 for the purpose of this SGM. Only those shareholders holding shares traded one trading day ahead of the book closure date i.e. until Baisakh 10, 2074 are eligible for participation in the SGM. EBL has an authorized capital of Rs 10 arba. Its paid up capital currently stands at Rs 4.60 arba. It had earned net profit of Rs 97.15 crore till the end of second quarter of FY 2073/74. Its upcoming 3:1 right shares is in SEBON pipeline.