Garima Bikas Bank issuing 70% (90.76 lakh units) right shares starts from today

Garima Bikas Bank Limited (GBBL) is issuing 90,76,296.66 units right shares to its shareholders in the ratio 10:7 from today (Baisakh 14, 2074). The rights issue will close on Jestha 17, 2074. The book closure date for the 70% right issue has been set for Chaitra 30, 2073. Only those shareholders holding shares traded one trading day ahead of the book closure date i.e. until Chaitra 29, 2073 are eligible to apply for the right shares. Ace Capital Limited is the issue manager for the right issue. Interested applicants can collect application forms from Ace Capital Limited, Lal Durbar, Kathmandu and branches of Ace Development Bank, Garima Bikas Bank, Mahalaxmi Bikas Bank and Excel Development Bank. Garima Bikas Bank has earned net profit has of Rs. 15.95 crore in second quarter of the fiscal year 2073/74. The bank has an authorized capital of Rs 3 arba. Its paid up capital stands at Rs 1.29 arba and after issuance of 70% right share, its paid up capital will reach Rs 2.20 arba. As per NRB’s requirement for all national level development banks to increase their paid up capital to a minimum of Rs 2.50 arba by the end of FY 2073/74, GBBL should increase its capital by a further Rs 30 crore (13.85%).