Prabhu Bank to issue 20% right shares from today; ends on Chaitra 21

Prabhu Bank Limited (PRVU) has called on its existing shareholders to start apply for 10:2 (20%) right shares from today (Falgun 16, 2072).

The rights issue will close on Chaitra 21, 2072.

Only shareholders who have bought the shares and transferred them to their name before the book closure date on Ashwin 14, 2072 would be eligible to apply for the right shares.

Prabhu Bank is issuing a total 64, 17,770 unit right shares at the face value of Rs 100.

Nabil Investment Banking limited has been assigned as the issue manager for the right issue.

Interested shareholders can collect the application forms from the any branch of Prabhu Bank Limited as well as from Nabil Investment Banking Limited located at Central Plaza, Narayanchowk, Kathmandu.

After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 3.84 arba from the existing Rs 3.20 arba. The bank has authorized capital of Rs 10 arba. Its public-promoter share structure stand at 64.58:35.42 ratios.

Prabhu Bank has earned net profit of Rs. 26.17 crore in the first quarter of the fiscal year 2072/73.

ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue of Prabhu Bank.

Prabhu bank has undergone merger process with Grand bank Nepal Limited.However, shareholders of Grand Bank are not eligible to apply in this right issue as the the merger process had not completed before the book closure i.e. Ashwin 14, 2072.