Kalika Microcredit elects 3 public directors; to expand service to 5 more districts

ShareSansar, April 15:

Kalika Microcredit Development Bank Limited has concluded its fourth Annual General Meeting at Waling in Syangja district, electing three public directors.

The newly elected public directors are Biswo Raj Nepal, Arjun Raj Acharya and Jyoti Prasad Kandel.

Addressing the first AGM of the microfinance institute following the issuance of its Initial Public Offering (IPO) in November, chairperson of the microfinance Chandra Bahadur Basnet informed that they were providing service to the people through 12 branches spread across ten districts.

The branches are located at Waling, Malunga and Capakot in Syangja district, Pokhara in Kaski, Huwas, Kusma and Karkineta in Parbat, Rampur, Khasyauli and Madan Pokhara in Palpa, and Chormara and Panchnagar in Nawalparasi.

The districts Kalika intends to expand its service are Tanahu, Dhading, Gorkha, Rupandehi and Makwanpur.

It may be noted that Kalika’s IPO had sold like a hot cake, and that its shares are being traded for the first time since January 28.

The IPO of 2 lakh unit of ordinary shares were floated in November.

Before the IPO, Kalika Micro Credit had an authorized capital of 10 crore, issued capital of Rs 5 crore and a paid-up capital of Rs 3 crore.

The micro credit development bank has stated that following the IPO its paid-up capital has risen to Rs 5 crore.