Gandaki Bikas Bank in SEBON pipeline to issue 25% right share; paid-up capital to reach Rs 2.30 arba

Gandaki Bikas Bank Limited (GDBL) has applied to Securities Board of Nepal (SEBON) to seek approval to issue 25% right shares. The development bank is seeking approval to issue a total of 46,09,815.50 units right shares worth Rs 46.09 crore, each to be floated to its shareholders at face value of Rs 100 per share. Prabhu Capital Limited is the assigned issue manager for the right issue. Gandaki Bikas Bank, after merger with Fewa Bikas Bank, has earned net profit of Rs 54.06 crore in FY 2073/74. Its current paid-up capital stands at Rs 1.84 arba and after issuing 25% right shares, its paid-up capital will reach Rs 2.30 arba. As per NRB’s directive for national-level development banks, GDBL should increase its paid-up capital to Rs 2.50 arba.