Manaslu Bikas Bank issuing 50% Right Shares from today; ends on Bhadra 26

Manaslu Bikas Bank Limited (MSBBL) is issuing 2:1 (50%) right shares to its existing shareholders from today (Shrawan 23, 2073). The rights issue will close on Bhadra 26, 2073. Manaslu Bikas Bank is issuing a total 59, 17, 649.50 unit right shares at the face value of Rs 100. Only shareholders who have bought the shares and transferred them to their name before the book closure date on Shrawan 4, 2073 would be eligible to apply for the right shares. Prabhu Capital Limited is the issue manager for the right issue. Interested shareholders can collect the application forms from Prabh Capital Limited, Babarmahal, Kathmandu and from central and all branch offices of Gorkha Bikas Bank Limited. After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 27.52 crore from existing Rs 18.35 crore. The bank has authorized capital of Rs 30 crore. Its public-promoter share structure stands at 51:49 ratio. Manaslu Bikas Bank has earned net profit of Rs. 2.72 crore in the third quarter of the current fiscal year. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4 +”, indicating below-average fundamentals to the proposed rights issue. Its last traded price stood (LTP) at Rs 412 as on August 4 , 2016.