NNLB’s AGM on July 5 to elect 5 promoters, 2 public directors

ShareSansar, June 12:

Naya Nepal Lagubitta Bikash Bank will hold its Annual General Meeting on July 5.

Though it is the 5th AGM of the microfinance institution, it the first one Naya Nepal is holding after issuing the Initial Public Offering last year.

The AGM to be held at Lali Gurans Party Venue at New Bus Park in Dhulikhel is due to elect five directors from among promoters and two public directors, according to the AGM notice published today.

The company established five years back in Dhulikhel in Kavrepalanchowk district has posted a net profit of Rs 19 lakh and 95 thousand in the fiscal year 2068/69.

Naya Nepal Lagubitta Bikash Bank has an authorized capital of Rs 4 crore, issued capital of Rs 2 crore and its paid-up capital became at par with the issued capital following the issuance of the IPO.

It may be noted that the company’s primary shares listed on January 17, are traded from January 26.
 
The last traded price of the company was Rs 924 yesterday.

Though the company’s net profit was rather small in the last fiscal year, the shareholders are upbeat about the prospect of its growth as well as the possibility of bonus shares the company can float due to its low paid-up capital.

The microfinance development bank had floated 60,000 unit equity shares of face value Rs 100 each on October 3, and had closed it on October 6. Since the IPO was oversubscribed by more than 50 times, the allotment of shares for investors who had applied for up to 560 shares was done through a lottery.

It was flatly allotted to both the small and big investor at 1.67 percent on November 15 as 66 percent of the applicants were from smaller investor group.

Of the 60,000 units being floated in the market, 1,200 units were reserved for its staff and 3,000 units have already been allotted to the mutual funds.