Prabhu Bank to issue 100:10 ratio rights shares; Special AGM on Ashoj 25

ShareSansar, September 21:

Prabhu Bank Ltd—the bank formed following the merger between four banks and financial institutions—has announced that it will issue 100:10 ratio rights shares to its shareholders.

The bank is likely to endorse the proposal of issuing its rights shares through its upcoming special annual general meeting.

According to the notice published by the bank today, it is going to hold its special annual general meeting on Ashoj 25.

The bank also has the capital increment agenda for the AGM. The BOD has proposed to increase its paid up capital to Rs 3.53 arba from Rs 3.21 arba.

Similarly, the board of directors will also seek the authority to initiate the merger with other banks and financial institutions (BFIs) and acquiring other BFIs from the special AGM.

In the inaugural ceremony of the Prabhu Bank Ltd held last week, its chairman Devi Prakash Bhattachan has announced that the bank will acquire other institution soon.

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.

After the merger, the bank has now 112 branch offices, 110 ATM machines, 1,200 staffs and 7 lakh plus depositors. The merger has made the Prabhu Bank the top bank among the private banks in terms of highest number of branches in the country.