Mount Makalu Development Bank to float 50% (3.45 lakh units) right shares from Mangsir 7; offer ends Poush 12

Mount Makalu Development Bank Limited (MMDBL) will be issuing 3,45,800 units right shares to its shareholders in the ratio 1:0.5 (50%) from Mangsir 7, 2074. As per the notice published by the development bank today, “The rights issue will remain open for 35 days before closing on Poush 12, 2074.” The book closure date for the 50% right issue was set for Kartik 16, 2074. Only those shareholders holding shares traded one trading day ahead of the book closure date i.e. until Kartik 15, 2074 are eligible to apply for the right shares. NIBL Capital Markets Limited is the issue manager for the right issue. Interested applicants can collect application forms from NIBL Capital Markets Limited, Lazimpat, Kathmandu and also from designated branches of MMDBL and Nepal Investment Bank Limited. MMDBL’s 6^th AGM held on Falgun 25, 2073 had endorsed 50% right shares to their shareholders. MMDBL has a paid up capital of Rs 6.91 crore at present. After issuance of 50% right share, its paid up capital will reach to 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. Kabeli Bikas Bank Limited (KEBL) has signed an agreement to acquire Mount Makalu Development Bank Limited (MMDBL).