Last day to clinch 100% & 80% right shares of Summit Microfinance & Sindhu Bikas Bank respectively

Today is the last day to clinch 100% right shares of Summit Microfinance Development Bank Limited (SMFDB). The microfinance company has decided to close the register of their shareholders on Bhadra 9, 2074 for the purpose of issuing right share. Only those shareholders that have shares traded ahead of the book closure date will be eligible to apply for the right shares, i.e. till Bhadra 8, 2074. SEBON had given approval for the issuance of right shares on Shrawan 23, 2074. Sanima Capital Limited has been assigned as the issue manager for right share issue. SMFDB will now be issuing 7,25,000 units right shares at a par value of Rs 100 per unit. After the issuance of 100% right shares, its paid up capital will reach Rs 15 crore. SMFDB has earned Rs 5.01 crore in the fourth quarter of the FY 2073/74. Its last closing price stood at Rs 3694 as of August 23, 2017. NIBL Capital Markets Limited is the issue manager for the right issue of Sindhu Bikas Bank while Global IME Capital Limited is the issue manager for the right issue of Kabeli Bikas Bank. Likewise, today is also last day to clinch 80% right shares of Sindhu Bikas Bank Limited (SINDU). It will be issuing a total of 20,97,540 unit right shares worth Rs 2.09 crore at the face value of Rs 100. Sindhu Bikas Bank has set book closure date for the 80% right issue on Bhadra 9, 2074. Only those shareholders holding shares traded one trading day ahead of the book closure date i.e. until Bhadra 8, 2074 are eligible to apply for the right shares. After the adjustment of the rights shares, the bank’s total paid-up capital will reach Rs 47.19 crore from the existing Rs 26.21 crore. The bank has authorized capital of 70 crore. Interested applicants can collect application forms from NIBL Capital Markets Limited, Lazimpat, Kathmandu and from all branches of Sindhu Bikas Bank and designated branch office of Nepal Investment Bank. SINDU has earned net profit of Rs 3.72 crore in the fourth quarter of the last FY 2073/74. As per NRB’s directive for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, SINDU will need to issue a further capital hike of around 6%. Its LTP stood at Rs 334 as of August 23, 2017.