Excel Development Bank 4:1.03 right share ending today ; LTP stood at Rs 680

Existing shareholders have one more day to file for the 4:1.0370 (25.93%) ratio right shares of Excel Development Bank Limited (EDBL). The development bank has been issuing right shares from Magh 7, 2072 and today is the closing day for the same. Excel Development Bank is issuing a total of 525,000 unit right share at the face value of Rs 100. Ace Capital limited has been assigned as the issue manager for the right issue. Interested shareholders can collect the application forms from the any branch of Excel Development Bank, Ace Development Bank as well as from Ace Capital Limited located at Laldurbar, Kathmandu. After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 25.50crore from the existing Rs 20.25 crore. The bank has authorized capital of Rs 40 crore. Its public-promoter share structure stand at 70:30 ratio. EDBL has earned a net profit of Rs  4 crore in its second quarter of the fiscal year 2072/73. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+”, indicating below-average fundamentals to the proposed rights issue of Excel Development Bank. Its last trading price stands at Rs 693 as on March 17, 2016.