Kanchan & Saptakoshi Development Bank to issue 30% & 130% right shares respectively from Asadh 30

Kanchan Development Bank Limited (KADBL) and Saptakoshi Development Bank Limited (SKDBL) will be issuing 10:3 (30%) and 1:1.3 (130%) rights shares respectively from Asadh 30, 2074. The rights issues will remain open for 35 days before closing on Bhadra 1, 2074. Global IME Capital Limited is the issue manager for the right issue of Kanchan Development Bank and NMB Capital Limited has been assigned as the issue manager for Saptakoshi Development Bank right issue. Kanchan Development Bank will be issuing a total of 1,039,500 units right shares worth Rs 10.39 crore, each to be floated to its existing shareholders at par value of Rs 100 per share. The book closure date for the 30% right issue has been set for Ashad 1, 2074. Only those shareholders having shares one day ahead of the book closure date i.e. till Jestha 31, 2074 are eligible to apply for the right shares. .KADBL 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. It has a authorized capital of Rs 60 crore. Its  promoter-public ratio stand at 51:49. 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%. Saptakoshi Development Bank will be issuing a total of 2,743,000 unit right shares worth Rs 27.43 crore at the face value of Rs 100. The book closure date for 130% right issue has been set for Ashad 14, 2074. Only the shares registered one day ahead of the book closure date i.e. Ashad 13, 2074 will be eligible for the right shares. SKDBL current paid up capital remains at Rs 21.10 crore. After the issuance of 130% right, its paid up capital will reach Rs 48.53 crore. It has an authorized capital of Rs 1 arba. Its  promoter-public ratio stand at 60:40. As per NRB’s directive for all 1-3 district level development banks to maintain a minimum paid up capital of Rs 50 crore by the end of FY 2073/74, SKDBL will need to further increase its paid up capital by only 3%.