Prabhu Bank to reduce promoters’ shareholding from 61% to 55%; 17th AGM endorses 8% bonus shares keeping the door open for future acquisition process

Prabhu Bank has convened its 17^th AGM on Falgun 19, 2075 under the leadership of bank’s chairman Mr. Devi Prakash Bhattachan. Apart from endorsing all the financial reports of the previous fiscal year, the AGM also endorsed the board’s decision to provide 8% bonus shares to its shareholders from its net profit.

The AGM has decided to reduce the share holding of the promoters to 55% from the existing 61.31% whereas to raise public stake from current 38.69% to 45% and therefore amended the memorandum reflecting the same.

The AGM also kept the way open for the bank to engage in acquisition of other financial institutions and has authorized the board for the same.

The bank currently has paid up value of Rs 8.89 arba with 165 branches, 132 ATM outlets, 10 extension counters and number of branchless banking facilities and is serving more than 12 lakh customers all over the nation. The bank is also mulling to open 28 new branches in a near future, as further mentioned by the bank.