Mahalaxmi Bikas Bank publishes capital plan; right issue worth Rs 95 crore and 15% bonus pending

Mahalaxmi Bikas Bank Limited (MLBL) has published its capital plan. Nepal Rastra Bank, through its directive last year, had directed all national level development banks to hike their paid up capital to Rs 250 crore by the end of FY 2073/74. The development bank proposes to exercise below mentioned options to raise its paid up capital to Rs 250 crore within the stipulated time frame of Ashad 2074. In the current FY 2072/73, the company will distribute 8% bonus share to its shareholders. After this, the company plans to raise Rs 95 crore from merger or right issue. After right share distribution, the company will issue further 15% bonus share to hike its paid up capital to around Rs 252.85 crore. Mahalaxmi Finance Limited, Siddhartha Finance Limited and Malika Bikas Bank Limited have merged to form a national level development bank  with the name of “Mahalaxmi Bikas Bank Limited”. Their joint transaction was started from Bhadra 19, 2073, and trading in NEPSE started from Poush 25, 2073. MLBL has earned Rs. 2.04 crore in the first quarter of the current FY 2073/74 as per its unaudited report.