ICRA Nepal assigns IPO Grade 3 to upcoming 25% right issue of Garima Bikas Bank

ShareSansar, January 30:

ICRA Nepal has assigned an “[ICRANP] IPO Grade 3”, indicating average fundamentals to the proposed rights issue amounting NPR 112.2 million of Garima Bikas Bank Limited.

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. For the Grading categories 2, 3 and 4, the sign of + (plus) appended to the Grading symbols indicate their relative position within the Grading categories concerned. Thus, the Grading of 2+, 3+ and 4+ are one notch higher than 2, 3, and 4, respectively. GBBL is proposing to come out with the 25% rights issue of 1,122,000 numbers of equity shares of face value NRs 100/- each to be issued to the existing shareholders at par.