Hamro Bikas Bank’s 200% right share approved by SEBON

Securities Board of Nepal (SEBON) has provided final approval to Hamro Bikas Bank (HAMRO) for the issuance of 200% right shares. HAMRO had applied to SEBON on February 23, 2017 for the issuance of 30,58,339 units right shares worth Rs 30.58 crore in the ratio 1:2 and it received approval for the same today. NIBL Capital Markets Limited has been assigned as the issue manager. HAMRO has earned net profit of Rs 2.15 crore in the second quarter of the FY 2073/74. It has a paid up capital of Rs 15.29 crore. After the issuance of right shares in the ratio 1:2, its paid up capital will reach Rs 45.88 crore. As per NRB’s directive for all 1-district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, HAMRO will need to increase its capital by a further 9% only. Its last traded closing price stood at Rs 525 as of yesterday (Chaitra 16, 2073).