Mahalaxmi & Yeti Development Bank trading suspended in NEPSE following merger process

Trading of Mahalaxmi Bikas Bank Limited (MLBL) and Yeti Development Bank Limited (YETI) has been suspended from today (Chaitra 2, 2073) in Nepal Stock Exchange Limited (NEPSE) for the merger process. Mahalaxmi and Yeti Development Bank signed an agreement following the merger process. After the merger, it will be the largest national level development bank in Nepal in terms of paid up capital. The share swap ratio for the merger will most likely be fixed at 1:1. At present, Mahalaxmi Bikas Bank has paid up capital of Rs 1.15 arba. The bank has earned net profit of Rs 12.87 crore in second quarter of last fiscal year 2073/74. Likewise, Yeti Development Bank has a paid up capital of Rs 1.38 arba. The bank earned net profit of Rs 14.41 crore in second  quarter of the  fiscal year 2073/74. Yeti Development Bank’s 50 percent right share is in Securities Board Of Nepal (SEBON) pipeline for approval. Mahalaxmi Bikas Bank Limited was formed after merger of Mahalaxmi Finance, Malika Bikas Bank and Siddhartha Finance on September 9, 2016. Likewise, Manakamana Development Bank, Yeti Finance and Valley Finance had merged to form Yeti Development Bank Limited on July 15, 2013.