Kasthamandap Dev. Bank to convert 19% promoter into public share; Existing promoters get opportunity to buy promoter shares

Kasthamandap Development Bank Limited (KDBL)  has decided to convert its promoter- public shareholders ratio. The development bank is converting the promoter share to public share ratio of the company as 51:49. The current structure of the bank is 70: 30 promoter-public shareholder ratios. This means that 19 percent of promoter shares will be converted into the ordinary shares. With this promoter to public proportion of KDBL now stands at 51: 49. The 170^thBOD meeting has decided to convert the share structure as directed by Nepal Rastra Bank. Many Promoters of KDBL have filed application with the bank to sell their promoters shares. Thus, KDBL has published notice to sell its promoter shares. If any existing promoter shareholder is interested to buy promoter shares then the respective person should submit an application at Bank’s central office at Pako, Newroad within 35 days of the notice published. As per the direction of Nepal Rastra Bank (NRB) for buying or selling promoter shares of the bank, promoter shareholders of the bank should be given the first priority and if the shares are not bought by promoter shareholders only then other person or institution can buy those under the direction of NRB.