Metro Development Bank starts refunding non-allottees of 20:7 right shares

ShareSansar, July 4:

Metro Development Bank Limited has started refunding non-allottees of its 3.71 lakh units of 20:7 right shares, which had floated the issue from April 17 to May 21.

It may be noted that the Special Annual General Meeting of the development bank held on July 9 last year had decided to float the right issue at the face value of Rs 100 per unit share so as to shore up its capital base.

Following the issuance of the right shares, its paid-up capital will rise to Rs 14.31 crore from the existing Rs 10.60 crore, according the offer letter.

NCM Merchant Banking Limited is the issue manager.

It may be noted that publishing a notice earlier, the development bank had announced the book closure for the right shares from April 1.

Metro’s EPS as of the second quarter stands at 13.30 and the net worth per share is 119.18.