Innovative Dev. Bank 3:2 right shares issuance from today; LTP stood Rs. 404

Innovative Development Bank Limited (INDB) has called on its existing shareholders to start applying for 3:2 (66.67%) right share from today (Magh 8, 2072). The right issue will close on Falgun 13, 2072. Only shareholders who have bought the shares and transferred them to their name before the book closure date on Poush 26, 2072 would be eligible to apply for the right shares. Innovative Development Bank will be issuing a total of 10, 00,000 unit right share at the face value of Rs 100. NMB Capital limited has been assigned as the issue manager for the right issue. Interested shareholders can collect the application forms from the any branch of Innovative Development Bank, NMB Bank as well as from NMB Capital Limited located at Nagpokhari, Naxal, Kathmandu. After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 25 crore from the existing Rs 15 crore. The bank has authorized capital of Rs 40 crore. INDB has earned a net profit of Rs 54.82 lakh in its first quarter of the fiscal year 2072/73. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue of Innovative Development Bank. The last trading price of INDB stood at Rs 404 as on January 20, 2016.