Machhapuchchhre Bank extends closing date for right share offer till Mangsir 02

Machhapuchchhre Bank Limited (MBL) has extended its closing date of right share till Mangsir 2, 2072. Earlier the bank had set Kartik 22 as a closing day for the right share but due to the long dashain vacation and the ongoing crisis, the bank has extended its time. The Bank has been issuing 5:1 (20%) right shares at face value of Rs 100 per share from Ashwin 17, 2072. The 16th AGM of MBL held on 26th Mangsir, 2071 had approved to issue 5:1 ratio right shares.The right issue will last till Kartik 22, 2072.The bank is floating 55, 52,500.93 units of right shares for its existing shareholders. The issue manager of this right share is Nabil Investment Banking Ltd. The company’s paid up capital at present stands at Rs 2.77 arba. After the listing of these right shares, the paid up capital of MBL will reach 3.33 arba. Its promoter- public ratio is at 66.55% to 33.45%. The bank might convert its 15.55% promoter share into public share making the promoter- public share 51% to 49% in the near future. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+”, indicating below-average fundamentals to this rights issue offerings amounting to NPR 555.25 million of MBL. ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals.