Prabhu Bank convenes special AGM; 10:1 rights shares to be issued

ShareSansar, October 12:

Prabhu Bank Ltd is going to issue 10:1 ratio rights shares. The proposal to issue the rights shares was formally approved by bank’s special general meeting held on Saturday.

After the adjustment of the rights shares, the bank’s paid-up capital will reach Rs 3.53 arba from Rs 3.21 arba.

Prabhu Bank has convened its special general meeting for the first time after successfully completing the merger between fours banks and financial institutions.

Prabhu Bank Ltd was formed after the merger between Kist Bank, Prabhu Development Bank, Gaurishankar Development Bank and Zenith Finance Ltd. It had started its joint from September 15.

Meanwhile, the share trading of Prabhu Bank Ltd is likely to resume from the first week of Kartik.

According to bank’s deputy CEO, Ashok Sherchan, the trading of the merged entity will resume from the first week of Karkti as they are on the process to complete necessary requirement, like seeking approval from Nepal Rastra Bank and capital market regulator Sebon.