Prabhu Bank convenes its 18th AGM; clears way for 16% bonus shares and upcoming merger/acquisition stints

Prabhu Bank has convened its 18^th AGM on Mangsir 6, 2076 under the leadership of bank’s chairman Mr. Devi Prakash Bhattachan. Endorsing all the financial reports, the AGM has also endorsed the proposal to provide 16% bonus shares to the shareholders.

The AGM has agreed to divest bank’s promoters’ shareholding from existing 55% to 51%, recompose the bank’s board with 3 members from promoter group and 3 from general shareholder group, give final touch to open bank’s subsidiary company to function as stock broker, authorize the board to carry forward the merger/acquisition process with other financial institutions.

After the capitalization of 16% bonus shares, the bank’s capital will scale up to Rs 10.31 arba, has 196 branches, 152 ATM terminals and 37 extension counters under its network.