Mahakali Bikas Bank, Ace Capital pact

KATHMANDU, MAR 21:

Mahakali Bikas Bank (MBB) and Ace Capital have joined hands to facilitate the initial public offering (IPO) of the development bank. The bank has appointed Ace Capital as the issue and sales manager for its IPO of 800,000 units of rights shares with face value of Rs 100. The rights shares will be issued at a ratio of 1:2 as compared to its paid up capital of Rs 40 million (400,000 units with face value of Rs 100) and will be managed by Ace Capital. A memorandum of understanding was signed by chief executive of MBB Bidurman Singh Basnet and MD of Ace Capital Rameshwor Pokhrel.

Source: THT