Prabhu Bank’s 15th AGM approves 40% right share

Prabhu Bank Limited (PRVU) has successfully conducted its 15^th Annual General Meeting (AGM) on Poush 8, 2073. The AGM has approved 10:4 (40%) right share to increase its paid up capital from Rs 5.88 arba to Rs 8.23 arba. Also the bank has permitted its BOD members to further merger/acquisition process of the bank with other Bank and Financial Institutions (BFIs). In addition, the AGM has elected 6 BOD members. 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 2073/74 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.