Nepal Credit & Commerce Bank 50% & Manjushree Finance 5% right shares added in SEBON pipeline for approval

Nepal Credit and Commerce Bank Limited (NCCB) and Manjushree Finance Company Limited (MFIL) have applied in Securities Board of Nepal (SEBON) for the issuance of right share. Nepal Credit and Commerce Bank  is seeking approval to issue 23,395,291 units shares in the ratio 2:1 (50%) to be floated a face value of Rs 100 per share.  The bank’s 19^th AGM held on Bhadra 16, 2074 had endorsed 2:1 right shares to their shareholders. Sunrise Capital Limited has been appointed as the issue manager. NCCB has a paid up capital of Rs 4.67 arba at present. After issuance of 50% right share, its paid up capital will reach to Rs 7.01 arba. It has earned Rs 16.45 crore in the first quarter of the FY 2074/75. Likewise, Manjushree Finance Company Limited will be issuing 362,190 units shares in the ratio 100:5 (5%) to be floated a face value of Rs 100 per share. The finance company’s SGM held on Asoj 25, 2074 had approved to issue 5% right share to its shareholders. Ace Capital Limited has been appointed as the issue manager. MFIL’s current paid up capital stands at Rs 72.43 crore and after issuance of 5% right shares, it will reach to Rs 76.05 crore. To meet the capital requirement as directed by the Nepal Rastra Bank, it should further hike its capital by around 5% to make Rs 80 crore capital. It has earned Rs 66.13 lakh in the first quarter of the FY 2074/75.