Kamana Bikas Bank proposes 10% right shares; Paid up capital to reach Rs 2.26 arba

Kamana Bikas Bank has proposed to issue 10% right share to its shareholders. As per the notice published in Nepal Stock Exchange Limited (NEPSE) today, the BOD meeting of the company held on Shrawan 20, 2074 has decided to propose 10% right share (after merger with Sewa Bikas Bank Limited) to its shareholders. The decision is subjected to approval from concerned authorities and the bank’s upcoming AGM. KMBL had earned net profit of Rs 14.47 crore in the third quarter of the fiscal year 2073/74. Recently, the bank had issued 30% right shares to its shareholders, after issuance of 30% right share its capital has reached 1.04 arba. It had undergone merger process with Sewa Bikas Bank, the bank will have a paid up capital of Rs 2.06 arba. Also, after issuance of 10% right share, its capital will reach Rs 2.26 arba. As per NRB’s directive for all national level development banks to increase their paid up capital to a minimum of Rs 2.50 arba by the end of FY 2073/74, the merged bank will need to issue a further capital hike of around Rs 24 crore (around 10%).