Kamana Sewa Bikas Bank SGM today; to endorse 10% right shares

Kamana Sewa Bikas Bank Limited (KSBBL) is conducting Special General Meeting (SGM) today (Kartik 1, 2074). The SGM is being held at Hotel Pokhara Grand, Pokhara. The main agendas of the SGM are:

• To endorse 10:1 (10%) right shares to its shareholders.
• To increase issued and paid up capital.
• To amend Memorandum of Association (MOA) and Articles of Association (AOA).
• To change the registered address.

The book closure date for the SGM was set on Ashwin 24, 2074. Thus, shareholders owning their shares till Ashwin 23, 2074 i.e. one day ahead of the book closure date are eligible to participate in the SGM. Kamana Sewa Bikas Bank Limited is the merged entity between Pokhara based Kamana Bikas Bank Limited (KMBL) and Butwal based Sewa Bikas Bank Limited (SEWA). After their merger, the merged entity will have a paid up capital of Rs 2.06 arba. After issuance of 10% right shares, its paid up capital will reach to 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 10.62%). Kamana has earned net profit of Rs 17.65 crore in the fourth quarter of the FY 2073/74 and in the same period SEWA has earned Rs 17.28 crore.