Excel Development Bank declares 30.12% bonus; Paid up capital to reach Rs 69.26 crore

Excel Development Bank Limited (EDBL) has decided to distribute 30.12 percent bonus share to its shareholders. As per the notice published in NEPSE today, the BOD meeting of the bank held on Bhadra 25, 2074 has proposed 30.12 percent bonus share and 1.58526 percent cash dividend for tax purpose to its shareholders from the net profit it earned in the last fiscal year 2073/74. Excel Development Bank will also be issuing 2:1 (50%) right shares to its existing shareholders as the bank has recently got approval from SEBON to issue right shares and shareholders' book closed on Bhadra 21, 2074. The decision is subjected to approval from Nepal Rastra Bank and the bank’s upcoming Annual General Meeting (AGM). Last year, EDBL had distributed 25% bonus share to its shareholders from the profit it made in the fiscal year 2072/73. Excel Development Bank has earned net profit of Rs 15.26 crore in the fourth quarter of the fiscal year 2073/74 as per its unaudited report. Its paid up capital remains at Rs 38.45 crore. After distribution of 50% right shares, it will reach Rs 57.67 crore and after 30.12% bonus share distribution, its paid up capital will reach to Rs 69.26 crore. As a 1-3 district level development bank, EDBL had to increase its paid up capital to Rs 50 crore as per NRB's directive.