Manaslu Bikas Bank to issue 9.17 lakh unit (50%) right shares from Shrawan 23; Book closure on Shrawan 6

Manaslu Bikas Bank Limited (MSBBL) will be issuing 2:1 (50%) right shares to its existing shareholders from Shrawan 23, 2073. According to the notice published by the development bank today, the rights issue will remain open for 35 days before closing on Bhadra 26, 2073. Manaslu Bikas Bank will be issuing a total 9, 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 6, 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 555 as on July 18, 2016.