Innovative Dev. Bank 6th AGM on Chaitra 15; to endorse 27% stock dividend

Innovative Development Bank Limited (INDB) will be holding its 6^th Annual General Meeting (AGM) on Chaitra 15, 2072. The AGM is held at Hotel Nirvana, Paklihawa Sadak, Siddharthanagar, Rupandehi, at 9:00 AM. Main agendas of the AGM are:

• To endorse 27 percent bonus shares and 1.42 percent cash dividend from the net profit it earned from the fiscal year 2071/72.
• After distribution of bonus share to increase, issued, authorized and paid up capital and to amend article of association accordingly.
• Another main agenda is conversion of promoter – public shareholder structure to 51% promoter shares and 49% ordinary shares. After the conversion, the promoter share to ordinary share ratio of the finance will stand at 51:49 percent.
• To amend article related to allowance of BOD.
• Authorize BOD to endorse the merger/ acquisition process with other BFIs by endorsing Memorandum of Understanding (MOU).
• To amend article of association and memorandum of association as per directed by registrar officer or the Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of 2071/72 and appointment of auditor. Only those shareholders owning shares till Falgun 26 will entitle to the bonus share of the company. The register of their shareholders will remain close from Falgun 27 till Chaitra 12, 2072 for the purpose of its upcoming AGM. INDB had earned net profit of Rs. 2.21 crore in the second quarter of current fiscal year 2072/73 unaudited report. It’s paid up capital remains at Rs. 15 crore. After distributing 27 percent bonus share it’s paid up capital will rise to Rs 19.05 crore.