Kanchan Dev. Bank to issue 50% (9.90 lakh units) Right Shares from Poush 18; Offer ends on Magh 23

Kanchan Development Bank Limited (KADBL) will be issuing 2:1 (50%) right shares to its existing shareholders from Poush 18, 2073. According to the notice published by the development bank today, the right issue will remain open for 35 days before closing on Magh 23, 2073. Kanchan Development Bank will be 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 for today (Mangsir 30, 2073) for one day. Only the shares registered one day ahead of the book closure date i.e. Mangsir 29, 2073 are 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. Kanchan Development Bank had earned net profit of Rs 81.40 lakh in the first quarter of current fiscal year 2073/74. Kanchan Development Bank Limited (KADBL) will be convening its 7^th Annual General Meeting (AGM) on Poush 9, 2073. The AGM will be endorsing 25 percent bonus share and 30 percent right share to its shareholders. Right share will be issued after issuance of 25% bonus and 50% right share.