Laxmi Bank AGM on March 27; book closure for bonus shares next Thursday

ShareSansar, March 6:

Laxmi Bank Limited will hold its 13th Annual General Meeting on March 27, which will endorse 25 percent right shares besides approving 15 percent bonus shares to the shareholders from the net profit it posted in the last fiscal year 2069/70.

The bank has also announced the book closure for the bonus shares on March 13. This means that  those who hold the shares of the company till March 12 will be entitled for the bonus shares.

“As for the right shares we will announce a separate book closure date for the right issue in future,” bank’s company secretary Pyush Raj Aryal told ShareSansar today. “We have to get the approval of SEBON to issue the right shares first.”

As reported by ShareSansar yesterday, a meeting of the Board of Directors of the commercial bank took the decision also to offer the right shares so as to raise its paid-up capital.

The bank is issuing the right shares after calculating the bonus shares, according to the AGM notice published by the bank today.

“After the issuance of the bonus shares our existing paid-up capital of Rs 1.69 arba will rise to Rs 1.94 arba and it will further rise to Rs 2.43 arba after the right issue,” Aryal further informed, adding that the upcoming AGM will also endorse a plan to shore up the authorized capital to Rs 3 arba as the existing paid-up was just enough to issue the bonus shares.

Laxmi Bank had posted a net profit of Rs 45 crore in the last fiscal year.

It may be noted that Laxmi Bank had distributed 10 percent cash dividend for the previous fiscal year 2068/69, too.