NB Insurance & Sindhu Bikas Bank issuing 80% & 100% Right Shares respectively from today

NB Insurance Company Limited (NBIL) is issuing 10:8 (80%) right shares to its existing shareholders from today (Shrawan 23, 2073). The rights issue will close on Bhadra 26, 2073. NB Insurance is issuing a total of 12, 00, 000 unit right shares at the face value of Rs 100. The book closure date for 80% right issues has been set for Shrawan 6, 2073. Only the shares registered one day ahead of the book closure date i.e. Shrawan 5, 2073 will be eligible for the right shares. Global IME Capital Limited has been assigned as the issue manager for the right issue. Interested shareholders can collect the application forms from Global IME Capital Limited, Rastriya Naachghar, Jamal, Kathmandu and all branch offices of NB Insurance. After the adjustment of the rights shares, the insurance company total paid-up capital will reach to Rs 27 crore from existing Rs 15 crore. The insurance company has authorized capital of Rs 1 arba. Its public-promoter share structure stands at 80:20 ratio. NBIL had earned a net profit of Rs. 2.20 crore in the third quarter of the current fiscal year. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue of the insurance company. Its last traded price stood (LTP) at Rs 91 as on July 13, 2016. Likewise, Sindhu Bikas Bank Limited (SINDU) is issuing 1:1 (100%) right shares to its existing shareholders from today . The rights issue will remain close on Bhadra 26, 2073. Sindhu Bikas Bank is issuing a total 12, 09, 375 unit right shares at the face value of Rs 100. Only shareholders who have bought the shares and transferred them to their name before the book closure date on Shrawan 7, 2073 would be eligible to apply for the right shares. NIBL Capital Markets Limited is the issue manager for the right issue. Interested shareholders can collect the application forms from NIBL Capital Markets Limited, Lazimpat, Kathmandu and from central and all branch offices of Sindhu Bikas Bank Limited. After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 24. 18  crore from existing Rs 12.09 crore. The bank has authorized capital of Rs 30 crore. Its public-promoter share structure stands at 51:49 ratio. Sindhu Bikas Bank has earned net profit of Rs 1.45 crore in the third quarter of the fiscal year 2072/73. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue. Its last traded price stood (LTP) at Rs 432 as on August 5, 2016.