Kasthamandap Dev. Bank continues to sign acquisition deal; Kakrebihar Bikas Bank acquired after Mahakali Bikas Bank & Paschimanchal Finance

Kasthamandap Development Bank Limited (KDBL) has signed an agreement to acquire Kakrebihar Bikas Bank Limited (KKBL). Trading of Kakrebihar Bikas Bank has been suspended from today (Ashad 1, 2073) in Nepal stock exchange following the acquisition process. Kasthamandap Development Bank had already signed memorandum of understanding (MOU) to acquire Mahakali Bikas Bank Limited and Paschimanchal Finance Limited. Kasthamandap Development Bank 8^th Annual General Meeting had approved 4:1 (25%) right share to its existing shareholders. The bank will soon be issuing 4:1 right share to its existing shareholders. After issuance of 25 percent right share, paid up capital will reach Rs 84.97 crore At present, KDBL has paid up capital of Rs 67.99 crore. The bank has earned net profit of Rs 19.32 crore in third quarter of 72/73 FY. The development bank has 19 branch offices and 7 ATM counters. Likewise, KKBL has paid up capital of Rs 5.91 crore. The bank has earned net profit of Rs 28.22 lakh in third quarter of the fiscal year 2072/73.