Nepal Bank rights issue opens

KATHMANDU, MAY 24:

Nepal Bank Ltd (NBL)’s rights issue opened from today. Existing shareholders of the bank can subscribe for the rights shares of Nepal’s oldest commercial bank. To increase its paid up capital and make its net worth positive, NBL is issuing 36.1 million units of rights shares at 1:9.5 ratio with a face value of Rs 100 to existing shareholders. Shareholders of the bank can subscribe 9.5 unit shares for each unit they own. The issue, managed by Citizens Investment Trust and Civil Capital, will be open for subscription till May 26. The government that owns 38.6 per cent stake in the bank has already deposited Rs 1.39 billion to buy rights shares. Employees, business houses and minority shareholders own 61.4 per cent stake in the oldest commercial bank of Nepal.

Source: THT