Prabhu Bank to endorse 40% right share; 15th AGM today

Prabhu Bank Limited (PRVU) is holding its 15^th Annual General Meeting (AGM) today (Poush 8, 2073). The meeting will be held at Head Office of Prabhu Bank, Babarmahal, Kathmandu at 1:00 PM. The main agendas of the meeting are:

• To endorse 10:4 (40%) right share to its existing shareholders and to increase its issued and paid up capital from Rs 5.88 arba to Rs 8.23 arba.
• To increase allowance of BOD members.
• To authorize BOD to endorse merger/ acquisition process with other BFIs.
• To authorize BOD to endorse Memorandum of Understanding (MOU) for the merger/acquisition process and appoint auditor for Due Diligence Audit (DDA).
• To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of Prabhu Bank’s FY 2072/73 and former Grand Bank’s financial highlights of FY 2071/72, appointment of auditor and election of 4 BOD members from promoter shareholders group and 2 BOD members from public shareholders group. The register of their shareholders will be closed from Mangsir 13, 2073 till Poush 8, 2073 for the purpose of its AGM. A separate book closure notice will be published for the right share. The trading of Prabhu Bank was halted in Nepse since September 30, 2015. It’s been a year and the trading of shares of Prabhu Bank was in halt though its merger process with Grand bank had completed and joint operation started on February 12, 2016. Prabhu bank had earned net profit of Rs 28.24 crore in the first quarter of the fiscal year 2072/73 as per unaudited report. its paid up capital remains at Rs 5.88 arba and after issuance of 40% right share its paid up capital will reach Rs 8.23 arba. This way Prabhu bank will meet Nepal Rastra Bank’s requirement of achieving total paid-up capital of Rs 8 arba.