Kumari Bank announces 50% Right Share; Paid up capital to reach Rs 4.03 arba

Kumari Bank Limited (KBL) has decided to issue 50 percent right shares to its shareholders. As per the notice published in NEPSE today, the 74th BOD meeting of the company held on Ashwin 9, 2073 has proposed to issue 50% right share to its shareholders. The decision is subjected to approval from the bank’s upcoming Special General Meeting (AGM) and its concerned authorities. Last year, KBL had distributed 11% bonus share to its shareholders. Kumari Bank was under the process to merge with five financial institutions i.e. NCC Bank Limited (NCCB), Infrastructure Development Bank Ltd (IDBL), International Development Bank Ltd (INDBL), Apex Development Bank Ltd (APEX) and Supreme Development Bank Ltd (SUPRME). The Special General Meeting (SGM) of Kumari Bank held on July 15, 2016 had cancelled its merger with NCC Bank Limited and four other BFIs. Kumari Bank has earned net profit of Rs 74.01 crore in the fourth quarter of the fiscal year 2072/73 as per unaudited report. It’s paid up capital stands at Rs 2.69 arba. After issuance of 50% right share the paid up capital will rise to Rs 4.03 arba.