Kanchan Development Bank to endorse 2:1 right share; SGM today

Kanchan Development Bank Limited (KADBL) is convening its Special General Meeting (SGM) today (Ashad 4, 2073). The SGM is going to be held at Hotel Opera Private Limited, Mahendranagar, Kanchanpur at 11: 00 AM. Main agendas of the SGM are:

• To endorse 2:1 (50%) right shares to its existing shareholders.
• To convert 19% of the promoter shares into ordinary shares and maintain public promoter share structure ratio at 51:49.
• To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Kanchan Development Bank had earned net profit of Rs 3.36 crore in the third quarter of fiscal year 2072/73. The company’s paid up capital stand at Rs 19.80 crore and reserve at Rs 5.47 crore in Q3. After issuance of 50% right share it’s paid up capital will reach to Rs 29.7 crore. Its last traded price (LTP) stand at Rs 500 as on June 16, 2016.