Kanchan Dev Bank 7th AGM approves 25% bonus & 30% right share

Kanchan Development Bank Limited has conveniently held its 7^th Annual General Meeting (AGM) on Poush 9, 2073. The AGM has approved 26.32% dividend to its shareholders. The bank required to raise its capital up to Rs 50 crore as per NRB directives. It also highlighted about the company’s plan to make its paid up capital up to Rs 50 crore. The company has approved 25% bonus and 30% right share to its shareholders. After issuance of 25% (worth 4.95 crore) bonus share its paid up capital will reach Rs 19.80 crore. The development bank will be issuing 2:1 (50%) right shares to its existing shareholders from Poush 18, 2073.After adjustment of right share its capital will rise to Rs 34.65 crore. Again the company’s AGM had endorsed 30% (worth 10.39 crore) right share and after issuance of right share its capital will hike to Rs 45.4 crore. The development bank had earned net profit of Rs 81.40 lakh in the first quarter of current fiscal year 2073/74.