ICRA Nepal assigns grade 4+ to upcoming 25.93% right issue to Excel Development Bank

ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+”, indicating below-average fundamentals to the proposed rights issue amounting NPR 52.5 million of Excel Development Bank Limited (EDBL). The process to issue right share of EDBL is on review in SEBON. EDBL will be issuing right shares in the ratio 4:1.0370. EDBL is proposing to come out with 25.93% rights issue of 525,000 numbers of equity shares of face value NPR 100/- each to be issued to the existing shareholders at par. Ace Capital Limited has been assigned as the issue manager. Excel Development Bank Limited has posted net profit of Rs.17.31 million in its 1st quarter company of the fiscal year 2072/73. 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.