ICRA Nepal assigns grade 4 to upcoming 50% right issue of Karnali Development Bank

ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue amounting NPR 40 million of Karnali Development Bank Limited (KRBL). The process to issue right share of KRBL is on review in SEBON. The development bank is going to issue right shares in the ratio 2:1. Growmore Merchant Banker Limited has been assigned as the issue manager for the right issue. The development bank based in Nepalgunj has stated that it posted a net profit of Rs 1.34 crore in the fourth quarter of the fiscal year 2071/72. 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.