Nepal SBI announces its 23rd AGM on Magh 27; to endorse 28% bonus share

Nepal SBI Bank Limited (NSBI) will be convening its 23rd Annual General Meeting (AGM) on Magh 27, 2073. The AGM is going to be held at Army Officers Club, Bhadrakali, Kathmandu at 11: 00 AM. Main agendas of the AGM are:

• To endorse 28% bonus share and 1.53% cash dividend for tax purpose to its shareholders from the profit it earned in the last fiscal year 2072/73.
• To endorse the agendas to manage fraction share to maintain the promoter public ratio to 70:30 respectively after the issuance of 10:4 rights share to its shareholders.
• To endorse Rs 26.60 lakh financial help as a part of corporate social responsibility (CSR).
• To amend Article of Association and Memorandum of Association on following things;

1. After issuance of bonus share, its paid up and issue capital will increase, and amend Article of Association accordingly.

• To approve the consolidated financial statement of its subsidiary “Nepal SBI Merchant Banking Limited”.
• To increase the allowance of BOD’s members.
• Other main agendas of the AGM include financial highlights of 2072/73, appointment of auditor.

Only those shares registered one trading day ahead of the book closure date, i.e Magh 23, 2073 will be entitled to the dividend of the company. The register of their shareholders will be closed from Magh 23, 2073 till Magh 27, 2073 for the purpose of its AGM. Nepal SBI Bank Limited has earned net profit of Rs 35.44 crore in the first quarter of the fiscal year 2073/74 as per unaudited report. Nepal SBI Bank Limited has recently issued 67,767.87 units FPO at Rs 971 per share to general public to make promoter public share holding pattern to 70:30 respectively. The issued FPO is due for allotment. It has proposed 28% bonus share for the FY 2072/73 and a further 40% right. NMB Capital has been appointed as the issue manager for the upcoming right issue. After the capitalization of the recently floated FPO, 28% stock dividend, and 40% right, its paid up capital will reach Rs 6.97 arba. Based on NRB's requirement to hike its paid up capital to Rs 8 arba by the end of this FY 2073/74, it needs to further increase its capital by around 14.25%.