Mission Dev. Bank floating 100% (19.49 lakh units) Right Share from today; offer ends Baisakh 6

Mission Development Bank Limited (MIDBL) is issuing 1:1 (100%) right shares to its existing shareholders from today (Chaitra 3, 2073). Mission Development Bank is issuing a total of 19,49,250 unit right shares at the face value of Rs 100. The issue will close on Baisakh 6, 2073. The book closure date for 100% right issue was set for Falgun 23, 2073 for one day. Only the shares registered one trading day ahead of the book closure date i.e. Falgun 22, 2073 were eligible for the right shares. Vibor Capital Limited is assigned as the issue manager for the right issue. Interested shareholders can collect the application forms from Vibor Capital Limited, Lalitpur, Kathmandu, and all branch offices of Mission Development Bank . After the adjustment of rights shares, the development bank’s total paid-up capital will reach to Rs 38.98 crore from existing Rs 19.49 crore. The development bank has authorized capital of Rs 1 arba. Its public-promoter share structure stands at 70:30 ratio. Mission Development Bank Limited has earned a net profit of Rs 3.66 crore in the second quarter of the FY 2073/74. As per NRB’s directive for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, MIDBL will need to issue a further capital hike of around 28.28%. Its last trade price (LTP) stood at Rs 411 as on March 14, 2017.