Mahakali Bikas Bank 8th AGM on Poush 25; to endorse 17% stock dividend & FPO of Rs 2.36 crore

Mahakali Bikas Bank Limited (MBBL) will be convening its 8th Annual General Meeting (AGM) on Poush 25, 2072. The AGM will be held at Hotel Opera, Mahendranagar, Kanchanpur at 11:00 AM. Main agendas of the AGM are:

• To approve 17 percent bonus share and 0.89 percent cash dividend (for tax purpose) from the net profit it earned from the fiscal year 2071/72.
• After issuance of bonus share to increase paid up and issued capital. Also to increase authorized capital up to Rs 50 crore.
• Another main agenda is conversion of promoter shareholder structure to 51% promoter shares through issuance of Further Public Offering (FPO) of Rs 2.36 crore.
• Authorized BOD to initiate merger/acquisition process with other BFI.
• To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Other Agendas of the AGM include financial highlights of 2071/72 and appointment of auditor. Only those shareholders owning shares till Mangsir 29 will be entitled to the bonus share of the company. The register of their shareholders has been closed from Poush 1, 2072 till Poush 25, 2072 for the purpose of its upcoming (AGM). At present MBBL has a paid up capital of Rs 12.72crore. After the issuance of 17% bonus shares, its paid up capital will rise to Rs14.88 crore. Mahakali Bikas Bank had earned net profit of Rs9.34 lakh in its first quarter of the fiscal year 2072/73.