NRB rejects SWBBL’s proposal to issue FPO shares and convert promoter shares for the purpose of restructuring promoter public shareholding from 70:30 to 51:49

Swabalamban Laghubitta Bittiya Sanstha Limited (SWBBL) has published a notice on NEPSE regarding the rejection of request to issue shares to change public promoter shareholding structure, by the NRB.

The 17^th AGM of the microfinance company, held on 26^th Poush 2075, had proposed to change the current promotor public shareholding ratio of 70:30 to 51:49 through issue of ordinary shares worth Rs.10.48 Crore and to convert promoter shares worth Rs.6.60 Crore, to ordinary shares and to fulfill the required formalities for this purpose.

As per the letter received from NRB today, the microfinance company was not allowed to issue ordinary shares and convert promoter shares to ordinary shares for this purpose.