Nilgiri Development Bank to increase paid up capital to Rs. 100 million

MYAGDI, JAN 14: 

Nilgiri Development Bank (NDB) has increased the paid up capital to Rs. 100 million.

The Sixth Annual General Meeting (AGM) of the bank that concluded on Saturday in Beni of Myagdi district has unanimously passed the proposal to increase the paid up capital to Rs. 100 million from Rs. 57.5 million.

The bank has decided to issue 15 percent bonus shares from the profit gained until the fiscal year 2011/12.

At the AGM, the bank informed that it has been preparing to issue the shares worth Rs. 42.5 million. The bank has increased the capital to extend the bank services outside Myagdi district, said chairman of the bank, Hari Kumar Shrestha.

Shrestha said the bank that had a profit of Rs. 16.2 million until last fiscal year 2011/12, and collected deposit of Rs. 54.8 million until the first six months of the current fiscal year.

Source: THT