Laxmi Bank AGM today; 25% right, 15% bonus shares in the offing

ShareSansar, March 27:

Laxmi Bank Limited is holding its 13th Annual General Meeting today. The AGM 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 had 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. “We have to get the approval of SEBON to issue the right shares first.”

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

“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 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.