Kumari Bank & 4 other BFIs to start joint operation from Ashad 12 after aquisition

Kumari Bank Limited (KBL) has received final approval from Nepal Rastra Bank (NRB) for acquisition of Kasthamandap Development Bank Limited (KDBL), Mahakali Bikas Bank Limited (MBBL), Kankrebihar Bikas Bank Limited (KKBL) and Pashchimanchal Finance Company Limited (PFC) on Jestha 17,2074. Now, the company will start its joint transaction as Kumari Bank Limited from Ashad 12, 2074. As per the DDA report, KBL is acquiring all four BFIs in a swap ratio of 100:85. Shareholders having 100 shares of KDBL, MBBL, KKBL and PFC will be given 85 shares of KBL. After the acquisition, the registered office of the bank will be at Durbarmarg, Kathmandu. KBL has earned net profit of Rs 37.59 crore in the third quarter of the fiscal year 2073/74 as per its unaudited report. Its paid of capital stands at Rs 3.26 arba. Kumari Bank had recently issued 50% right and 21% bonus share approved from its 16^th AGM and after the issuance of 50% right and 21% bonus shares, its paid up capital will reach Rs 4.61 arba. As per the bank, the acquisition of these four BFIs will add Rs 1.64 arba to its paid up capital. After the issuance of the proposed bonus and right shares, and the acquisition, the total paid up capital of the bank will reach Rs 5.96 arba.