Has consolidation process starts hitting merchant banking sector too? Prabhu Capital and Samriddhi Capital to merge taking paid-up capital to Rs 80 crore

Fri, Dec 20, 2019 10:55 AM on Corporate, Latest,

Prabhu Capital under the Prabhu Bank and Samriddhi Capital have entered into a merger agreement on Poush 3, 2076.

The agreement towards that effect was signed by BoD of Prabhu Capital Mr. Bhupendra Khatri and chairman of Samriddhi Capital Mr. L.P. Bhanu Sharma.

The signing event was also attended by chairman of Prabhu Bank Mr. Devi Prakash Bhattachan, BoDs Mr. Ramesh Singh Khadka, Ms. Ambika Khadka Lamichhane, CEO of Prabhu Bank Mr. Ashok Sherchan, among others.

Following the merger, the new entity will continue to function in the name of Prabhu Capital with the paid up capital of Rs 80 crore and will encourage other merchant bankers to consolidate via merger / acquisition process, as per the media statement.