Prabhu Bank SGM has endorsed acquisition of Grand Bank today; Joint operation from Bhadra 14
Thu, Jul 23, 2015 12:00 AM on Others,
ShareSansar, July 23;
Special General Meeting (SGM) of Prabhu Bank Limited (PRVU) and Grand Bank Limited (Grand) held today at 8:30 AM at Lainchour Banquet, Kathmandu has endorsed acquisition of Grand by Prabhu Bank.
The meeting of both the companies has approved the per share value fixed by the Due Diligence Audit (DDA) of Prabhu and Grand Bank at Rs 121.45: Rs 65.58 respectively. After the acquisition the paid up capital of Prabhu Bank will reach to Rs 5.92 arba from 3.208 arba at present.
Prabhu Bank Limited (PRVU) acquiring Grand Bank Limited (GRAND) is the first ever acquisition of a commercial bank by another in Nepal.
As per the Company secretary of Prabhu Bank, Mr Amit Bhandari, “If everything goes as per planning, the shareholders holding 100 units of Prabhu Bank shares will get 21.45 shares in premium, and the shareholders holding 100 units of Grand Bank will get 65.58 shares of Prabhu Bank, for that the separate book closure date will be published and accordingly integrated operation of both the banks will commence from Bhadra 14.”
As per the sources, Prabhu Bank has been able to earn Rs 100 crore plus net profit in 2071/72 fiscal year. And its NPL also has gone down from 10 percent levels.
Know how Prabhu Bank is one of the best buy at the current market scenario; shareholders to get 21.45% extra share
