Miteri Dev Bank declares 30 % stock dividend; book closure of 50% right share on Ashwin 6

Miteri Development Bank’s 10^th AGM held on Poush 25, 2072 had approved 50% right share i.e. 1,056,369.60 units to its existing shareholders and now the development bank has announced book closure date for the same. The right issue was approved by Securities Board of Nepal (SEBON) on Bhadra 15, 2073. The book closure date for 50% right issues has been set for Ashwin 6, 2073 for one day. Only the shares registered one day ahead of the book closure date i.e. Ashwin 5, 2073 will be eligible for the right shares. Prabhu Capital Limited has been assigned as the issue manager for right share issue. MDB has earned net profit of Rs 9.72 crore in the fourth quarter of the last fiscal year 2072/73. It’s paid up capital remains at Rs 21.12 crore. After issuance of 50 percent right share, the paid up capital will reach to Rs 31.68 crore. Its last traded price (LTP) stood at Rs 1,174 as on September 8, 2016. Meanwhile, the development bank has declared to distribute 30 percent bonus share to its shareholders. The BOD Meeting of the bank held on Bhadra 24, 2073 has proposed 30 percent bonus share and 1.58 percent cash dividend to its shareholders from the net profit it earned in the last fiscal year 2072/73. The decision is subjected to approval from Nepal Rastra Bank and its upcoming AGM. Earlier the bank had provided 30 percent stock dividend to its shareholders from the net profit it earned in the fiscal year 2071/72. MDB has earned net profit of Rs 9.72 crore in the fourth quarter of the last fiscal year 2072/73. It’s paid up capital remains at Rs 21.12 crore. After issuance of 50 percent right and 30 percent bonus share distribution, its paid up capital will reach to Rs 38.01crore. As the right share of the development bank has been just approved by SEBON, the right shareholders will not be eligible for the bonus share.