Excel Dev. Bank 4:1.037 right shares issuance from Magh 7; Paid up capital will reach Rs 25.50 crore

Excel Development Bank Limited (EDBL) has called on its existing shareholders to start apply for 4:1.0370 right shares from Magh 7, 2072. According to the notice published by the development bank today, the rights issue will remain open for 35 days before closing on Falgun 12, 2072. Only shareholders who have bought the shares and transferred them to their name before the book closure date on Poush 27, 2072 would be eligible to apply for the right shares. Excel Development Bank will be issuing a total of 525,000 unit right share at the face value of Rs 100. Ace Capital limited has been assigned as the issue manager for the right issue. Interested shareholders can collect the application forms from the any branch of Excel Development Bank, Ace Development Bank as well as from Ace Capital Limited located at Laldurbar, Kathmandu. After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 25.50crore from the existing Rs 20.25 crore. The bank has authorized capital of Rs 40 crore. Its public-promoter share structure stand at 70:30 ratio. EDBL has earned a net profit of Rs 1.73 crore in its first quarter of the fiscal year 2072/73. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+”, indicating below-average fundamentals to the proposed rights issue of Excel Development Bank.