Karnali Development Bank to endorse 225% right shares from its SGM on Falgun 21

Karnali Development Bank Limited (KRBL) will be re-holding its Special General Meeting (SGM) on Falgun 21, 2073. The SGM is being held at Swastik Cottage, Surkhet Road, Nepalgunj at 2:00 PM. The main agenda of the SGM is to endorse 225% right shares in its current paid up capital of Rs 15.10 crore. Other agenda includes amendment of Memorandum of Association and Article of Association for provision of post of the Managing Director. KRBL has earned Rs 36.73 lakh in the second quarter of the FY 2073/74. It had provided 11% bonus share and 5% cash dividend for the FY 2071/72 and is yet to conduct an AGM for the FY 2072/73. Its paid up capital currently stands at Rs 15.10 crore. After the issuance of 225% bonus share, its paid up capital will reach Rs 49.07 crore. As per NRB’s directive for all 1-3 district level development banks, KRBL needs to increase its paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74. KRBL had earlier called for SGM last month on Magh 15, 2073 to endorse 225% right share but was cancelled due to insufficient quorum. The same book closure date i.e. Poush 28, 2073 will be applicable for this SGM. Only those shareholders holding shares of the development bank til Poush 27, 2073 are eligible for participation in the AGM.