Mission Development Bank’s 7th AGM today; to endorse 22% bonus share; auction allottees not eligible for bonus share

Mission Development Bank Limited (MIDBL) is conducting its 7^th Annual General Meeting (AGM) today (Ashad 26, 2074). The AGM is being held at Amrapali Cottage & Restaurant, Butwal at 11:00 AM. The main agendas of the AGM are:

1. To endorse bonus share worth Rs 4.28 crore (22% on its paid up capital of Rs 19.49 crore as of Ashad 2073) from the profits it earned in FY 2072/73
2. To issue Rs 22.57 lakh as cash dividend for tax purpose
3. To elect 1 director from public shareholders group
4. To amend the company’s Memorandum of Association (MOA) and Article of Association (AOA) as per directions received from regulatory authorities
5. To authorize the BOD for merger/acquisition with appropriate Banks and Financial Institutions

Other agendas of the AGM include endorsement of financial statements of the FY 2072/73 and appointment of auditor for the FY 2073/74. The register of their shareholders has been closed from Ashad 15 to Ashad 26, 2074 for the purpose of this AGM. Only those shareholders having shares one trading day ahead of the book closure date i.e. within Ashad 14, 2074 are eligible for the dividends and for participation in the AGM. MIDBL has earned net profit of Rs 5.60 crore in the third quarter of the FY 2073/74. Its paid up capital after recently floated 100% right share stands at Rs 38.98 crore. After the issuance of this bonus share, its paid up capital will reach Rs 43.26 crore. 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 should issue a further capital hike of around Rs 6.74 crore (around 15.60%). Auction allottees are not eligible for the bonus share. Also read: Investors file complaint against Mission Dev Bank as bank says auction allottees not eligible for bonus share for FY 2072/73