More than 1.34 million units Promoter Shares of Jyoti Bikas Bank converted to ordinary shares; Promoter Public shareholding ratio stands at 55:45

Tue, Mar 26, 2019 12:52 PM on Latest, NEPSE News, Stock Market,

Nepal Stock Exchange Limited (NEPSE) has published a circular regarding the conversion of Promoter Shares of Jyoti Bikas Bank Limited (JBBL) to ordinary shares.

As per the notice published, 1,344,531.29 units promoter shares of Jyoti Bikas Bank Limited has been converted into Public (ordinary) Share leaving Promoter Public Share ratio 55:45.

Recently, Jyoti Bikas Bank (JBBL) and Hamro Bikas Bank (HAMRO) agreed upon merging the two entities and operate jointly under the name of Jyoti Bikas Bank. The swap ratio for the same was ascertained to be 1:1 i.e. one unit of HAMRO share equals one unit of JBBL share. The joint transaction will start from Chaitra 15, 2075 onwards.

The LTP of JBBL as of 25th March, 2019 stands at Rs.136 per share. The development bank had distributed 8.40% cash dividend out of the profits of FY 74/75 for the shareholders.