ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue amounting NPR 54.62 million of Tinau Development Bank Limited (TNBL).
The right share is on review process on SEBON.
The development bank is proposing 4:1 (25%) rights issue of 546,192. 5 numbers of equity shares at the face value NPR 100/-each to be issued to the existing shareholders at par.
Siddhartha Capital Limited has been assigned as the issue manager for the right issue.
TNBL had earned a net profit of Rs. 94.87 crore in the first quarter of the current fiscal year. The paid up capital of the bank stands at Rs 19.36 crore. After the issuance of 25 percent, the paid up capital will stand at Rs 24.2 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.