NIC Asia Bank’s 20th AGM successfully conducted; approves 20% bonus share

NIC Asia Bank Limited (NICA) has successfully conducted its 20^th Annual General Meeting on Bhadra 30, 2074. The AGM has approved 20% bonus share (stock dividend) worth Rs 1.33 arba for the FY 2073/74. The AGM has also endorsed 1.05% cash dividend to be paid as tax for the bonus shares. The meeting held at Karki Banquet in Babarmahal, Kathmandu has endorsed agendas for amending the bank’s Memorandum of Association, Article of Association, and increment of authorized, issued and paid-up capital. In the meeting, directors were also elected as per Banks and Financial Institutions Act 2073. Mr. Jagadish Prashad Agrawal, Mr. Tulasiram Agrawal and Mr. Ram Chandra Sanghai were elected as directors representing the promoters shareholders group while Mr. Rajendra Prasad Aryal, Mr. Binod Kumar Pyakurel and Mr. Aditya Kumar Agrawal were appointed as directors from the general public shareholders group. Earlier, the BOD had already appointed Mr. Ganeshman Shrestha as the independent director. Likewise, the BOD meeting held right after the AGM has elected Mr. Tulasi Ram Agrawal as its chairman. After the capitalization of the endorsed 20% bonus share, the bank’s paid-up capital has reached Rs 8.03 arba, thereby reaching the minimum paid-up capital of Rs 8 arba set by the central bank. NIC Asia is now serving more than 5,70,000 depositors, 28,000 loan customers and 3,30,000 digital banking consumers through 125 branches around Nepal.