Jana Sewi Laghubitta Bittiya Sanstha conducted second AGM; proposed 30% shares in IPO

Jana Sewi Laghubitta Microfinance Company (JANASEWI) with its head office at Kushma of Parbat has successfully conducted its second Annual General Meeting (AGM) yesterday. The AGM has discussed and endorsed the reports from the chairman Mr. Bikash Gauchan and from the auditor. The microfinance company has come into operation from Ashoj 22, 2072 and has its branches in 10 districts. It has extended credit facilities to more than 10 thousand women through its 20 branch offices dispersing loan of more than 64 crore and earning 21.49 lakh in net profit. The microfinance company has a paid up capital of Rs. 4.90 crore as of this fiscal year. the second AGM has authorized the microfinance company to further hike its paid up capital by another 4.90 crore as it has endorsed the decision to issue right shares in the ratio of 1;1. After the adjustment of the newly declared right shares, the new paid up capital of the microfinance will reach 9.80 crore while its issued capital will reach 14 crore. The company is also looking forward to issue Initial Public Offering worth of Rs. 4.20 crore to hike its paid up capital to Rs. 14 crore thereby making it the national level microfinance company.