Kanchan Dev. Bank issuing 50% (9.90 lakh units) Right Shares from today; Offer ends on Magh 23

Kanchan Development Bank Limited (KADBL) is issuing 2:1 (50%) right shares to its existing shareholders from today (Poush 18, 2073). The right issue will close on Magh 23, 2073. Kanchan Development Bank is issuing a total of 9, 90,000 unit right shares at the face value of Rs 100. The book closure date for 50% right issue was set on Mangsir 30, 2073 for one day. Only the shares registered one day ahead of the book closure date i.e. Mangsir 29, 2073 were eligible for the right shares. Global IME Capital Limited has been assigned as the issue manager for the right issue. Interested shareholders can collect the application forms from Global IME Capital, Jamal, Kathmandu, Global IME Bank’s branch offices and from all branch offices of Kanchan Development Bank. After the adjustment of the rights shares, the development bank’s total paid-up capital will reach to Rs 29.70 crore from existing Rs 19.80 crore. The bank has authorized capital of Rs 50 crore. Its public-promoter share structure stands at 51:49 ratio. The company has approved 25% bonus and 30% right share to its shareholders. After adjustment of right share (50%) and bonus share (25%) 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.