Metro Development Bank to float 20:7 right shares from April 17

ShareSansar, April 1:

Metro Development Bank Limited will issue 3.71 lakh units of 20:7 right shares to the shareholders from April 17.

Issuing the offer letter for the much-awaited right shares, the development bank has stated that the issue will close on 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 today.

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