Prabhu Bank SGM and Grand Bank AGM to be held separately today

1. Prabhu Bank Limited

Prabhu Bank Limited (PRVU) is holding Special General Meeting (SGM) today (Kartik 14, 2072). The SGM is being held at the head office of Prabhu Bank, BabarMahal, Kathmandu at 8:30 AM. The major agenda for the special general meeting is to undergo merger with Grand bank Nepal Limited. The Due Diligence Audit Report (DDA) has set the value of Prabhu Bank to be Rs 121.45 per unit and Grand Bank has set Rs 65.58 per unit. Swap ratio will be finalized in the later date. After the merger it’s paid up capital will increase and promoter shareholders ratio will also change so for purpose the bank will amend the article of association accordingly. The BOD of Prabhu Bank will not change after the merger with Grand Bank. Hence, the existing BOD will continue the working tenure.

2. Grand Bank Nepal Limited

Grand Bank Nepal Limited (GRAND) is holding its 4^thAnnual General Meeting (AGM) today. The AGM is being held at Nepal Prasasanik Prasikshan Pratisthan, Jwalkakhel, Kathmandu at 8:30 AM. The main agendas of the AGM are:

1. To undergo merger with Prabhu Bank Limited.
2. The Due Diligence Audit Report (DDA) has set the value of Grand Bank to be Rs65.58 per unit and Prabhu Bank has set Rs121.45 per unit. Swap ratio will be finalized in the later date.
3. To amend the article of association.
4. To authorize existing BOD to carry out everyday business until the merger of Grand and Prabhu bank is finalized.
5. After the joint operation with Prabhu Bank the existing BOD of Prabhu Bank will continue the working tenure.

The others agendas of the meeting includes financial highlights of 2070/71, andappointment of auditor for fiscal year 2071/72 and 2072/73.