Last day to apply 25% right share of Shangri-La Dev Bank; LTP stood Rs 364

Shareholders of  Shangri-La Development Bank Limited (SADBL) have one more day to file for the 4:1 (25%) right share. The development bank has been issuing right shares from Falgun 9, 2072 and today is the closing day for the same. Shangri-La Development Bank is issuing a total of 18, 40,000 unit right share at the face value of Rs 100. NMB Capital Market Limited is the issue manager for the right issue. Interested shareholders can collect the application forms from the any branch of Shangri-La Development Bank, as well as from NMB Capital Limited located at Nagpokhari, Naxal, Kathmandu. After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 92 crore from the existing Rs 73.60 crore. The bank has authorized capital of Rs 1 arba. Its promoter- public ratio is at 70% to 30%. The bank might convert its 19% promoter share into public share making the promoter- public share 51% to 49% in the near future. SADBL had earned a net profit of Rs.3.19 crore in the first quarter of the current fiscal year. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+”, indicating below-average fundamentals to the proposed rights issue. Its last traded price stood at Rs 364 as on March 24, 2016.