Laxmi Bank SGM & Professional Diyalo AGM today; to endorse acquisition with Professional Diyalo & issuance of 1:1 right share by Laxmi Bank after aquisition

Laxmi Bank Limited (LBL) is convening its Special General Meeting (SGM) today (Kartik 7, 2073). The SGM is going to be held at Agrawal Bhawan, Kamalpokhari, Kathmandu at 2: 00 AM. The main agenda of the SGM are:

• Authorize BOD to initiate acquisition process with Professional Diyalo Bikas Bank.

• To appoint auditor to do Due Diligence Audit and fix Share Swap Ratio for the purpose of acquisition process.
• To endorse Scheme of Arrangement for the acquisition process.

• To approve the acquisition of the two BFIs by endorsing Due Diligence Audit (DDA).
• To issue 1:1 right shares to its shareholders after acquisition process as approved by 16^th
• After distribution of right share to increase it’s issued and paid up capital.

• To authorize BOD to complete necessary procedure required for acquisition of Professional Diyalo Bikas Bank by Laxmi Bank.
• To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

The registers of their shareholders has been closed on Ashwin 28, 2073 for the purpose of SGM. Only share registered one day ahead of book closure date i.e. Ashwin 27, 2073 are eligible to take part in SGM. The swap ratio of Laxmi Bank and Professional Diyalo Bikas Bank would be 100: 50. However, the shareholders of Professional Diyalo would be eligible to claim Laxmi Bank’s upcoming 100% right share. Laxmi bank has earned net profit of Rs. 72.98 crore in the fourth quarter of the Y 2072/73. It’s paid up capital remains at Rs 3.03 arba. Professional Diyalo Bikas Bank Limited is convening its 10^th Annual General Meeting (AGM) today. The AGM is going to be held at Padhmajyoti Hotel Pvt Ltd, Sanga, Kavre at 11:30 AM. Main agendas of the AGM are:

•  To authorize BOD to initiate acquisition process of Professional Diyalo Bikas Bank by Laxmi Bank Limited.
• To appoint auditor to do Due Diligence Audit and fix Share Swap Ratio for the purpose of acquisition process.
• To approve the acquisition of the two BFIs by endorsing Due Diligence Audit (DDA) and Share Swap Ratio.
• To endorse Scheme of Arrangement for the acquisition process.
• To authorize BOD to complete necessary procedure required for acquisition of Professional Diyalo Bikas Bank by Laxmi Bank.

Other main agendas of the AGM include financial highlights of FY 2072/73 and appointment of auditor. The registers of their shareholders has already closed on Ashad 17, 2073. Only share registered one day ahead of book closure date i.e. Ashad 16, 2073 can take part in AGM.