Manjushree Finance 14th AGM today; to approve 14% bonus shares

Manjushree Finance Limited (MFIL) will be convening its 14^th Annual General Meeting (AGM) today (Poush 29, 2073). The AGM will be held at Thapagau Banquet, New Baneshwor, Kathmandu. Main agendas of the AGM are:

• To endorse 14% bonus shares and 0.74% cash dividend including for tax purpose from the net profit it earned from the fiscal year 2072/73. The fractional bonus share will be rounded to the nearest whole number.
• Authorized BOD to increase issued and paid up capital up to Rs 72.43 crore from existing 68.72 crore and amend the Article of Association accordingly.
• To authorize BOD to endorse memorandum of understanding (MOU) for the merger/acquisition process and appoint auditor for Due Diligence Audit (DDA).
• To amend Article of Association and Memorandum of Understanding as per directed by registrar officer or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of the FY 2072/73, appointment of auditor, elect 4 BOD members from promoter shareholders group and 1 BOD member from public shareholders group and to increase meeting allowance of BOD members. The register of their shareholders was closed from Poush 9, 2073 till Poush 29, 2073 for the purpose of its AGM. Manjushree Finance’s SGM held on Jestha 26, 2073 had approved 175% right shares, and the book closure for the same was also set for Poush 9 to Poush 28, 2073. Only the shares registered one trading day ahead of the book closure date i.e. Poush 7, 2073 were eligible for the 14 percent bonus shares and 175 percent right share. Manjushree Finance will be issuing a total of 4,386,375 unit right shares at the face value of Rs 100. Ace Capital Limited has been assigned as the issue manager for the right issue. MFIL had earned net profit of Rs. 90.84 lakh in the first quarter of the current fiscal year. The paid up capital of the bank stands at Rs 25.06 crore. After the issuance of 14% bonus and 175% right share, its paid up capital will reach to Rs 72.42 crore.