Everest Bank’s 33.33% right share in SEBON pipeline

Everest Bank Limited (EBL) has been added in SEBON pipeline to request approval for the issuance of right shares in the ratio 3:1. NIBL Capital Markets Ltd. has been assigned as the issue manager. EBL is seeking to issue 1,50,88,087 units right shares to be floated at a par value of Rs 100 per unit. After the issuance of 33.33% right shares, its paid up capital will reach Rs 6.03 arba. As per NRB’s requirement for all commercial banks to increase their paid up capital to a minimum of Rs 8 arba by the end of FY 2073/74, EBL will need to issue a further capital hike of around 32.50%. EBL has earned Rs 97.15 crore in the second quarter of the FY 2073/74 and had distributed 70% bonus share for the FY 2072/73. Its last closing price stood at Rs 1,719 as of yesterday (February 22, 2017).