Kanchan Develoment Bank 25% right share offer from Poush 9 to Magh 13; Paid up will reach Rs. 16.50 crore

Kanchan Development Bank Limited (KADBL) has called on its existing shareholders to start applying for 4:1 (25%) right share from Poush 9, 2072. According to the notice published by the development bank today, the rights issue will remain open for 35 days before closing on Magh 13, 2072. Only shareholders who have bought the shares and transferred them to their name before the book closure date on Mangsir 24, 2072 would be eligible to apply for the right shares. Kanchan Development bank is issuing a total of 3, 30,000 unit rights share at the face value of Rs 100. The closing date for the right issue has been set for Magh 13, 2072. The issue manager of this right share is Global IME Capital Limited. Eligible shareholders can collect the application forms from the any branch of Kanchan Development bank as well as from the Global IME Capital located at Rastriya Nachghar, Jamal, Kathmandu. After the adjustment of the rights shares, the finance’s total paid-up capital will reach to Rs16.50 crore from the existing Rs 13.20 crore. The bank has an authorized capital and issued capital of Rs 20 crore and Rs 16.50 crore respectively. Its promoter- public ratio is at 70% to 30%. The bank might convert its 19% promoter share into public share making the promoter- public share 51% to 49% in the near future. ICRA Nepal had assigned a “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue. Click here to view announcement