Securities Exchange Board of Nepal (SEBON) has added 125% right share issue of Nepal Finance Limited (NFS) under preliminary review in the latest list of rights in pipeline published.
The finance company will be issuing 16,97,506.25 units of shares as 125% right shares at par value of Rs.100 per share to the existing shareholders of the company. The company will raise capital of Rs.16.97 Crore from the right issue.
Prabhu Capital Market Limited has been appointed as the issue manager.
The current paid up capital of the company stands at Rs.13.59 Crore which will increase to Rs.30.57 Crore after the adjustment of right shares.
Earlier, Nepal Finance (NFS) had been relieved from the problem-ridden state by Nepal Rastra Bank (NRB) on Mangsir 25, 2076. NFS has begun its operation from Mangsir 26, 2076.
The business of the finance company was halted from Mangsir 17, 2071 by NRB. The finance company was directed to halt all services like deposit collection, issuing loans etc. However, as per the decision of the bank and NRB, the bank has been relieved of the problematic state.
NFL is one of the oldest finance company licensed by NRB.