Nepal Grameen Bikas Bank proposes price of Rs 100 for 9.75 lakh units FPO shares; Prabhu Capital appointed issue manager

Nepal Grameen Bikas Bank Limited (NGBBL) has appointed Prabhu Capital Limited as the issue manager for its upcoming Further Public Offering (FPO). Mr. Rajesh Sharma, director at Nepal Grameen Bikas Bank and Mr. Shankar Prasad Kalikota, General Manager of Prabhu Capital signed the agreement today. As per the press release issued by Prabhu Capital, the bank will be issuing 9,75,000 units FPO shares to the general public at par i.e. Rs 100 per share. The bank has not added any premium to the par value for this issue. NGBBL has earned Rs 18.03 crore in the second quarter of the fiscal year 2073/74. Its paid up capital stands at Rs 55.75 crore with promoter and general public share ownership at 82.13% and 17.87% respectively. After the FPO, its paid up capital will reach Rs 65.50 crore with promoter – general public shareholding structure at 69.90% and 30.10% respectively. NGBBL is a national-level microfinance development bank based in Butwal, formed in 2014 by the merger of 5 microfinance companies: Purwanchal Grameen Bikas Bank, Madhyamanchal Grameen Bikas Bank, Paschimanchal Grameen Bikas Bank, Madhya Paschimanchal Grameen Bikas Bank and Sudur Paschimanchal Grameen Bikas Bank Limited. Its last traded price stood at Rs 920 as of today (April 4, 2017).