NMB Capital to conclude Standard Chartered FPO allotment this week

NMB Capital Limited, the issue manager for the FPO of Standard Chartered Bank Nepal Limited (SCB), is gearing up to conclude the allotment within this week. As per an official of NMB Capital, they have been working for almost 16 hours a day to conclude the allotment by this week. “We will conclude the allotment on Baisakh 21 or 22, 2074”, added the official. Earlier, SEBON had instructed NMB Capital to conclude the allotment by Baisakh 22, 2074. Citing the acute shortage of liquidity in the financial market and its adverse effect on the stock market, SEBON said that this would help solve liquidity to an extent. Since the number of applicants has exceeded 2 lakhs, the allotment was supposed to conclude in 60 days from the last day of issue i.e. within Jestha 2, 2074. After the allotment, more than 2.25 lakh investors will be refunded more than Rs 36 arba, which will help to solve the current liquidity shortage to an extent. Standard Chartered Bank Nepal Limited had floated 25.58 lakh units FPO shares worth Rs 3.30 arba at Rs 1,290 per share from Chaitra 1 to Chaitra 4, 2073. It has earned Rs 74 crore in the second quarter of the FY 2073/74. After the FPO allotment, its paid up capital will reach around Rs 4 arba and its promoter – public shareholding structure will be maintained at 70.21% and 29.79%. Its reserve will grow by Rs 3.04 arba. As per the bank, it will issue 100% bonus shares to its shareholders from the premium earned from the FPO and profit in the FY 2073/74, thereby meeting NRB’s requirement of increasing its paid up capital to a minimum of Rs 8 arba.