Innovative Dev. Bank 3:2 right shares offer ending today; LTP stood Rs. 404

Existing shareholders have one more day to file for the 3:2 (66.67%) ratio right shares of Innovative Development Bank Limited (INDB). The development bank has been issuing right shares from Magh 8, 2072 and today is the closing day for the same. 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 416 as on February 24, 2016.