Pokhara Finance gets final approval to issue 9.83 lakh units FPO shares; FPO Price set at Rs. 220 per unit

Securities Board of Nepal (SEBON) has given final approval to Pokhara Finance limited (PFL) to float 9,83,682 units Further Public Offering (FPO) shares worth Rs 21.64 crore. The Board has approved PFL to issue FPO at premium price of Rs 220 (premium of Rs 120 added to the paid up value of Rs 100). NIBL Capital Markets Limited has been appointed as the issue manager. PFL’s 20^th AGM held on Kartik 9, 2073 had endorsed the agenda to issue 9.83 lakh units shares to maintain its promoter – public share structure at 51:49. The AGM had also endorsed further 15% right share after FPO issue. PFL has earned a net profit of Rs 7.02 crore in the third quarter of the fiscal year 2073/74. Its paid up capital currently stands at Rs 55.74 crore. After the issuance of FPO shares, its paid up capital will reach Rs 65.57 crore and its reserve will grow by Rs 11.80 crore. Finally, after 15% right share issuance, its paid up capital will reach Rs 75.40 crore. As a national level finance company, it should hike its paid up capital to a minimum of Rs 80 crore by the end of FY 2073/74. Its last traded price (LTP) stands at Rs 240 as on June 27, 2017.