Laxmi Bank SGM to endorse Professional Diyalo acquisition within one month; 100% right share shall be issued within November, 2016

Laxmi Bank Limited (LBL)’s 15th Annual General Meeting (AGM) held on Magh 28, 2072 had endorsed 1:1 (100%) right share to its shareholders. As per an official of Laxmi Bank "The bank is committed to offer 1:1 right shares to its shareholders as announced before. We will apply for approval from SEBON after our upcoming SGM approves acquisition of Professional Diyalo Bikas Bank." Laxmi Bank had signed an agreement to acquire Professional Diyalo Bikas Bank Limited (PRDBL) on Ashad 16, 2073. Laxmi Bank is in the process to acquire Professional Diyalo Bikas Bank. 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 as well as any dividend endorsed from the bank’s 16^th AGM in the days ahead. LBL may get Letter of Intent (LoI) within couple of weeks from NRB regarding acquiring PRDBL. 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. LBL had not given any dividend in 2071/72 FY to its shareholders. As per source,  LBL will announce 18 percent bonus share from the profit it earned in the fiscal year 2072/73 after right share issuance.