ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue amounting NPR 120.93 million of Sindu Bikash Bank Limited (SINDU).
The process to issue right share of SINDU is on review in SEBON.
The development bank proposing 1:1 (100%) rights issue of 1,209,357 numbers of equity shares at the face value NPR 100/-each to be issued to the existing shareholders at par.
NIBL Capital Markets Limited has been assigned as the issue manager for the right issue.
SINDU had earned a net profit of Rs. 1.05 crore in the second quarter of the current fiscal year. The paid up capital of the bank stands at 12.09 crore. After the issuance of 100 percent, the paid up capital will stand at Rs 24.18 crore.
ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals.