Laxmi Bank's 100% right share added to SEBON pipeline

Laxmi Bank Limited (LBL) has been added in SEBON pipeline to seek approval for the issuance of right shares in the ratio 1:1. Siddhartha Capital Ltd. has been appointed as the issue manager for the right. LBL is seeking approval to issue 3,15,90,303 units right shares to be floated at a par value of Rs 100 per unit. Its SGM held on Kartik 7, 2073 had endorsed 100% right shares after acquiring Professional Diyalo Bikas Bank at a swap ratio of 100:50. The joint operation of both the banks started from Magh 2, 2073 as a class "A" commercial bank. LBL has proposed 18.29% bonus share for the FY 2072/73, which will be distributed after issuance of right shares. After the issuance of right and bonus shares, its paid up capital will reach Rs 7.47 arba. As per NRB's requirement for all commercial banks to maintain a minimum paid up capital of Rs 8 arba by the end of FY 2073/74, it will need to issue a further capital increase of around 7.1%.