Laxmi Bank’s 16th AGM today; to endorse 18.29% bonus share

Laxmi Bank Limited (LBL) is convening its 16^th Annual General Meeting (AGM) today (Asadh 13, 2074). The AGM is being held at Agrawal Bhawan, Kamalpokhari, Kathmandu at 2:00 PM. The main agendas of the AGM are:

1. To endorse 18.29% bonus share to its shareholders from the profits it earned in FY 2072/73 (shareholders of Professional Diyalo Bikas Bank, allottees of recently concluded 100% right shares and its unclaimed right share auction allottees are also eligible for 18.29% bonus share)
2. To increase its issued and paid up capital
3. To convert its promoter shares to ordinary and restructure its promoter-public ownership to 51:49
4. To endorse the addition of following points in the MOU:
   1. To invest in an insurance company by establishing its own subsidiary or with partnership with domestic/foreign companies
   2. To provide services of stock broker, credit rating agency, stock exchange, fintech after receiving approval of regulatory authorities
5. To amend the Article of Association and Memorandum of Association as per directions received by regulatory bodies
6. To provide authority to the BOD for merger/acquisition with suitable BFIs
7. To elect 2 directors from public shareholders group
8. To endorse expenses made as part of its Corporate Social Responsibility (CSR) program

Other agendas of the AGM include endorsement of financial statements of the FY 2072/73 and appointment of auditor for the FY 2073/74. The register of their shareholders was closed on Asadh 2, 2074 for the purpose of this AGM. Only those shareholders having shares one trading day before the book closure date i.e. before Asadh 1, 2074 are eligible for the bonus shares and for participation in the AGM. Laxmi Bank has earned net profit of Rs 56.91 crore in the third quarter of the FY 2073/74. Its paid up capital currently stands at Rs 3.15 arba. After the capitalization of 100% right share and 18.29% bonus share, its paid up capital will reach Rs 7.47 arba.