Kanchan Development Bank proposes 16.03% stock dividend; Paid up to reach Rs 52.24 crore

Kanchan Development Bank Limited (KADBL)  has announced 16.03 percent stock dividend to its shareholders. As per the notice published in NEPSE today, the 127^th board meeting of the bank held on Kartik 25, 2074 has announced 16.03% bonus shares and 0.8438% cash dividend for tax purpose to its shareholders from the net profit it earned in the FY 2073/74. The decision is subjected to the approval from Nepal Rastra Bank and its upcoming AGM. Last year, KADBL had issued 16.03% stock dividend to its shareholders. KADBL had earned Rs 7.34 crore in the first quarter of the fiscal year 2074/75. KADBL current paid up capital remains at Rs 34.65 crore. The development bank had recently issued 30% right share, after right  its paid up capital reached Rs 45.04 crore. After issuance of 16.03% stock dividend, its paid up capital will reach Rs 52.24 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 meet the capital requirement.