ICRA Nepal assigns grade 4 to upcoming 66.67% right issue of Innovative Development Bank

ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue amounting NPR 100million of Innovative Development Bank Limited (INDB). The process to issue right share of INDB is on review in SEBON. NMB Capital Limited has been assigned as the issue manager for the right issue. INDB will be issuing right shares in the ratio 3:2. After the issuance of right shares its paid up capital to Rs 2.25 arba. INDB is proposing to come out with 66.67% rights issue of 1,000,000 numbers of equity shares of face value NPR 100/-each to be issued to the existing shareholders at par. 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.