Mega Bank’s 65% right share added in SEBON pipeline

Mega Bank Nepal Limited (MEGA) has been added in SEBON pipeline to request approval for the issuance of right shares in the ratio 10:6.5 (65%). Nabil Investment Banking Limited has been assigned as the issue manager. Issuing the press statement published yesterday, it stated that Mega Bank’s 6^th AGM had approved to issue 65 percent right share to its shareholders. The bank will be issuing a total of 29,78,534.33 units right shares worth Rs 2.97 arba to its shareholders at the par value of Rs 100. After the issuance of right shares, its paid up capital will reach more than Rs 7 arba. As per NRB’s directive for all commercial banks to increase their paid up capital to a minimum of Rs 8 arba by the end of FY 2073/74, the bank will increase its capital to 8 arba from the profit it will earn in the coming fiscal year. Mega Bank’s AGM had also approved 13.95 percent bonus share including 0.70 percent cash dividend to its shareholders. The trading of the bank has been suspended in Nepal Stock Exchange following its merger process with Tourism Development Bank Limited (TDBL).