Kasthamandap Dev. Bank appoints NCM Merchant to issue 25% right share; SGM to convert promoter-public share structure
Sun, May 8, 2016 4:36 PM on Latest, Featured, AGM/Special AGM, Stock Market,
Kasthamandap Development Bank Limited 8th Annual General Meeting had approved 4:1 (25%) right share to its existing shareholders.
NCM Merchant Banking Limited has been appointed as the issue manager for the same.
As per the press release published by the bank today, Mr Umesh Singh Bhandari, CEO of Kasthamandap Development Bank and Bijay Lal Shrestha, CEO of NCM Merchant Banking Limited signed on the agreement.
At present, the development bank has paid up capital of Rs 67.99 crore. Likewise, the bank has reserve of Rs 18.02 crore, deposits of Rs 6.40 arba and mobilized loan of Rs 5.44 arba. The bank has earned net profit of Rs 19.32 crore in third quarter of the 72/73 FY.
After the issuance of 4:1 right share, the paid up capital of the bank will reach Rs 84.99 crore.
At present, the development bank has 19 branch offices and 7 ATM counters.
To make the bank as a national level development bank, the development bank will further go for merger/acquisition process to meet the paid up capital requirement of Rs 2.50 arba.
Also, Kasthamandap Development Bank has published notice regarding Special General Meeting (SGM) which will be conducting on Jestha 12, 2073. The SGM is going to be held at DECC, United World Trade Tower, Tripureshwor, Kathmandu at 10:00AM.
The main agendas of the SGM are:
- To amend article of association on conversion of public promoter share structure.
- To authorize the BoD members to initiate and make decisions regarding the conversion of promoter-public share structure and amend article of association accordingly.
