Mount Makalu Dev. Bank’s 6th AGM today; to endorse 6.40% bonus & 50% right share

Mount Makalu Development Bank Limited (MMDBL) is convening its 6^th Annual General Meeting (AGM) today (Falgun 25, 2073). The AGM is being held at Basanta Higher Secondary School, Basantapur, Tehrathum at 10:30 AM. The main agendas of the AGM are:

1. To issue bonus shares of Rs 41,60,000 (6.40% on the current paid up capital of Rs 6.50 crore) and cash dividend of Rs 2,18,947.47 (for tax purpose)
2. To increase its authorized capital to Rs 20 crore and issued and paid up capital to Rs 10.37 crore
3. To convert promoter shares to public and change it to 51:49
4. To endorse 50% right share after the issuance of bonus shares
5. To amend the Article of Association and Memorandum of Association as per recommendation from regulatory authorities
6. To authorize BOD for merger/acquisition with other BFIs

Other agendas of the AGM include endorsement of financial highlights of the FY 2072/73 and appointment of auditor. The register of their shareholders has been closed from Falgun 12 to Falgun 25, 2073 for the purpose of this AGM. Only those shares traded one day ahead of the book closure date i.e. Falgun 11, 2073 are eligible for the bonus shares and for participation in the AGM. MMDBL has earned Rs 21.90 lakh in the second quarter of the fiscal year 2073/74. After the issuance of 6.40% bonus and 50% right, its paid up capital will reach Rs 10.37 crore. As a 1 district-level development bank (based in Tehrathum), it will need to increase its paid up capital to Rs 50 crore by the end of FY 2073/74.