Excel Development Bank in SEBON pipeline to issue 50% right share

Excel Development Bank Limited (EDBL), Birtamode-based development bank with working area in 3 districts, has applied to Securities Board of Nepal (SEBON) to seek approval for issuing 50% right shares. EDBL is seeking to issue 19,22,812.50 units shares at a face value of Rs 100 per share. EDBL has appointed Ace Capital as the issue manager for this right share offer. EDBL has earned net profit of Rs 11.70 crore till the end of third quarter of the ongoing FY 2073/74. It had distributed 25% bonus share for FY 2072/73, after the capitalization of which its paid up capital has reached Rs 38.45 crore. After issuance of this 50% right share, its paid up capital will reach Rs 57.67 crore. As a development bank with working area under 3 districts, it should maintain a minimum paid up capital of Rs 50 crore by the end of FY 2073/74.