Issuance of Right Share may happen within 2 weeks of time period: SEBON

Securities Board of Nepal (SEBON) has published a notice stating that in order to make the issuance of Right Shares on time, sebon will now be doing the study and providing necessary suggestions regarding amendments/changes to the companies seeking permission for Right Shares within seven days of the application filed at Sebon. Sebon will approve the right issue within 5 days after all the required paper is submitted by companies at Sebon. The banks and other financial institution will not be required to do  ICRA rating for the right shares if a)They are issuing right shares at par b) Their net worth per share is above 100 c)Their market value is more than the par value d)Must be in operation for at least five years and in profit for at least 3 years e) NPA should not be above the range fixed by Nepal Rastra Bank f)The increment of capital needs to be mentioned in the article and memorandum of the association and should be recorded in the Company’s Registrar Office.