Kanchan Dev Bank’s 30% right share in SEBON pipeline

Kanchan Development Bank Limited (KADBL) has been added in Securities Board of Nepal (SEBON) pipeline to seek approval for the issuance of 30% right shares. KADBL is seeking approval to issue 10,39,500 units right shares worth Rs 10.39 crore to be floated to its shareholders at par value of Rs 100 per share. Global IME Capital Limited has been appointed as the issue manager for the right. KADBL’s 7^th AGM held on December 25, 2016 had endorsed the agenda to issue further 30% right shares. Its current paid up capital remains at Rs 34.65 crore. After the issuance of 30% right, its paid up capital will reach Rs 45.04 crore. As per NRB’s directive for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, KADBL will need to issue a further capital hike of around 11%. KADBL has earned Rs 2.97 crore in the second quarter of the FY 2072/73.