Excel Dev. Bank 11th AGM on Chaitra 19; to endorse 25% bonus & 50% right share

Excel Development Bank Limited (EDBL) will be convening its 11^th Annual General Meeting (AGM) on Chaitra 19, 2073. The AGM is going to be held at Aadarsha Banquet Party Palace, at 11:00 AM. Main agendas of the AGM are:

• To endorse 25 percent bonus share and 1.31 percent cash dividend for tax purpose from the net profit it earned from the fiscal year 2072/73.
• To endorse 50% right share after issuance of bonus share.
• After issuance of bonus share, to increase its authorized capital up to Rs 1 arba from existing Rs 40 crore.
• To covert its 19% promoter shares into public to maintain its promoter: public shareholders structure to 51:49 from existing 70:30.
• To endorse extra expense of Rs 2.14 lakh made as a part of its social corporate responsibility.
• To authorize BOD to endorse Memorandum of Understanding (MOU) for the merger/acquisition process with suitable BFIs and appoint auditor for Due Diligence Audit (DDA).
• To amend Article of Association and Memorandum of Association as per directed by registrar office or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of the FY 2072/73, appointment of auditor and to elect 2 BOD member from public shareholders group. The book closure date for the AGM has been set for Chaitra 7, 2073 till Chaitra 19, 2073. Only the shares registered one trading day ahead of the book closure date i.e. Chaitra 6 2073 will be eligible for the 25 percent bonus shares. A separate book closure date will be published for the right shares. EDBL has earned net profit of Rs 7.38 crore in the second quarter of the current fiscal year 2073/74. Its paid up capital remains at Rs 30.77 crore. As a 1-3 district level development bank, it should increase its paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74. After issuance of the proposed 25% bonus and 50% right share, its paid up capital will reach Rs 57.70 crore, thereby exceeding the minimum paid up capital requirement of NRB.