Nepal SBI Bank’s FPO creates charm among investors; oversubscribed by 42 times till 3rd day; issue closing today

  Nepal SBI Bank Limited (SBI) has been issuing 67,767.87 units shares worth Rs 6.58 crore as a part of Further Public Offering (FPO) from Poush 11, 2073. The FPO is being issued at Rs 971/unit. As per the preliminary data obtained till the 3^rd day (yesterday), the offer has already been oversubscribed by over 42 times. The issue collected over Rs. 1.36 arba on the third day itself and over Rs. 2.82 arba overall. Over 31,377 applicants have applied as of yesterday. Nepal SBI Bank had added 6 more centers for application submission after the preset centers were not enough to handle the demand. Long queues were seen in the collection centers inside Kathmandu valley on the last day (today) as well. [caption id="attachment_85983" align="aligncenter" width="800"] Applicants waiting in line to submit their forms at Nepal SBI Bank, New Road[/caption] The bank has already proposed 28% bonus shares and 1.53% cash dividend (for tax purpose) to its shareholders from the net profit it earned in the FY 2072/73. In addition, the bank has also proposed 40% right shares. Those shareholders who will be allotted the shares from this FPO are also entitled for the proposed bonus shares and right shares. Nepal SBI Bank had earned net profit of Rs 35.44 crore in the first quarter of the current fiscal year 2073/74.