Last day to apply for 70% right shares of Garima Bikas Bank Limited; offer closes today

Garima Bikas Bank Limited (GBBL) is closing 90,76,296.66 units right shares to its shareholders in the ratio 10:7 (70%) today (Jestha 17, 2074). The rights issue was open from Baisakh 14, 2074. The book closure date for the 70% right issue was set for Chaitra 30, 2073. Only those shareholders holding shares traded one trading day ahead of the book closure date i.e. until Chaitra 29, 2073 are eligible to apply for the right shares. Ace Capital Limited is the issue manager for the right issue. Interested applicants can collect application forms from Ace Capital Limited, Lal Durbar, Kathmandu and branches of Ace Development Bank, Garima Bikas Bank, Mahalaxmi Bikas Bank and Excel Development Bank. Garima Bikas Bank has earned net profit has of Rs. 24.85 crore in the third quarter of the fiscal year 2073/74. The bank has an authorized capital of Rs 3 arba. Its paid up capital stands at Rs 1.29 arba and after issuance of 70% right share, its paid up capital will reach Rs 2.20 arba. As per NRB’s requirement for all national level development banks to increase their paid up capital to a minimum of Rs 2.50 arba by the end of FY 2073/74, GBBL should increase its capital by a further Rs 30 crore (around 13.85%).