Mission Development Bank’s book closure for 100% right share on Falgun 23

Mission Development Bank Limited (MIDBL) has published a book closure date for its upcoming right shares in the ratio 1:1. As per the notice published today, the register of their shareholders will close on Falgun 23, 2073. Only those shareholders holding shares one day ahead of the book closure date i.e. till Falgun 22, 2073 will be eligible to apply for the right shares. MIDBL will be issuing 19,49,250 units right shares at a par value of Rs 100 to its shareholders. Vibor Capital Limited has been assigned as the issue manager. Mission Development Bank Limited has earned a net profit of Rs 3.66 crore in the second quarter of the FY 2073/74. Its paid up capital stands at Rs 19.49 crore, and after the issuance of 1:1 right shares, its paid up capital will reach Rs 38.98 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 will need to issue a further capital hike of around 28.28%.