Kasthamandap Development Bank to issue 25% (16.99 lakh unit) right shares from Kartik 26

Kasthamandap Development Bank Limited (KDBL) will be issuing 4:1 (25%) right shares to its existing shareholders from Kartik 26, 2073. According to the notice published by the development bank today, the rights issue will remain open for 35 days before closing on Mangsir 30, 2073. Kasthamandap Development Bank will be issuing a total of 16, 99,741.70 unit right shares at the face value of Rs 100. The book closure date for 25% right issue has been set for Kartik 9, 2073 for one day. Since, Kumari Bank and Kasthamandap Development Bank had signed an agreement for the acquisition process on Ashwin 17. Only the shares registered till Ashwin 16, 2073 are eligible for the right shares. Trading of Kasthamandap Development Bank has been suspended in Nepal Stock Exchange Limited (NEPSE) following the acquisition process. NCM Merchant Banking Limited is the issue manager for the right issue. Interested shareholders can collect the application forms from NCM Merchant, Kamaladi, Kathmandu, all branch offices of Kasthamandap Development Bank. After the adjustment of the rights shares, the microfinance total paid-up capital will reach to Rs 84.98 crore from existing Rs 67.98 crore. The bank has authorized capital of Rs 2 arba. Its public-promoter share structure stands at 51:49 ratio. The development bank has earned net profit of Rs 30.22 crore in fourth quarter of last fiscal year 2072/73.