Joint Operation of Garima and Nilgiri Bikas likely from Shrawan 1; 1:1 Swap ratio

ShareSansar June 21:

Garima Bikas Bank Limited (GBBL)  is holding its Special General Meeting today at Hotel Pokhara Grand, Birauta, Pokhara; Whereas Nilgiri Bikas Bank Limited (NGBL) is also holding its Special General Meeting today at Hotel Dulphine, Bank Road, Beni, Myagdi.

Mr. Bimal Pandey, Director of Nilgiri Bikas Bank said, “The joint operation of  Garima Bikas Bank and Nilgiri Bikas Bank will most probably start from 1st of Shrawan, 2072”.

The banks have agreed to operate under the name ‘Garima Bikas Bank Limited’. The paid up capital of Garima Bikas Bank stands at Rs 56 crore and 10 lakhs, Whereas, paid up capital of Nilgiri Bikas Bank is Rs 15 crore. After the merger the total paid up capital will be Rs 71 crore and 10 lakhs.

The swap ratio for the merger is 1:1. 

Garima Bikas Bank started its operations from Waling 3, Syangja on 2064/07/18. However, during the third AGM of the bank it was decided to shift the head office to Pokhara. Garima Bikas has 19 branches.

Garima Bikas Bank Limited has reported 60.89% rise in profit for the third quarter of the current fiscal year 2071/72. According to unaudited financial statement published on Baisak 9, its net profit has increased to Rs 9.98 crore, Its EPS is at Rs 23.94 and net worth per share at Rs 131.42.

Meanwhile, Beni-based Nilgiri Bikas Bank’s third quarter profit for the fiscal year 2071/2072 surged by 72.22% to Rs 1.69 crore, up from 94.04 lakhs posted in the corresponding quarter of the previous fiscal year 2070/71. Its annualized earning per share is at Rs 18 and net worth per share is at Rs 127.73.