Om Development Bank 10th AGM today; to approve 29.20% stock dividend

Om Development Bank Limited (ODBL) is holding its 10^th Annual General Meeting (AGM) today (Poush 8, 2073). The meeting is being held at Hotel Pokhara Grand, Pokhara at 10:00 AM. The main agendas of the meeting are:

• To endorse 29.20 percent bonus share and 5 percent cash dividend including for tax purpose to its shareholders from the net profit it earned in the last fiscal year 2072/73.
• To increase its authorized capital up to Rs 3 arba from existing Rs 1.50 arba and after issuance of bonus share its paid up capital will increase to Rs 1.36 arba and amend the article of association accordingly.
• To endorse merger/ acquisition process with other BFIs and authorize BOD to complete necessary procedure required for merger/ acquisition process.
• To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Others Agendas of the AGM include financial highlights of 2072/73, appointment of auditor and election of 4 BOD members each from promoter and public shareholders group. Trading of Om Development Bank has been halted since Ashwin 21, 2073 for the merger process with Manaslu Development Bank. Hence, the particular date will be considered as book closure date. Only those shareholders owning shares till Ashwin 20, 2073 will be entitled to the dividend of the company. Om Development Bank has paid-up capital of Rs 1.05 arba. It has earned net profit of Rs 3.32 crore in the first quarter of the last fiscal year 2073/74 as per unaudited report.