Prabhu & Grand Bank joint operation to start from today as Prabhu Bank
Fri, Feb 12, 2016 3:00 AM on Latest, Featured, Stock Market,
Nepal Rastra Bank has given the final approval for the merger of Prabhu Bank limited and Grand Bank Nepal Limited on Magh 15. The joint operation of both the banks starts from today (Magh 29, 2072).
The merger entity is named as Prabhu Bank limited, and has started the integrated business.
The swap ratio for the merger, which had been fixed in 121.45:65.58 means the shareholders holding 100 units of Prabhu Bank shares will get 21.45 shares in premium, and the shareholders holding 100 units of Grand Bank will get 65.58 shares of Prabhu Bank.
Prabhu Bank is also issuing total 10:2 right shares at the face value of Rs 100 from Falgun 16. The current shareholders of Prabhu Bank till the date of book closure will only be entitled to the right share.
PRVU has earned net profit of Rs. 40.56 crore in the second quarter of the fiscal year 2072/73.
The swap ratio for the merger, which had been fixed in 121.45:65.58 means the shareholders holding 100 units of Prabhu Bank shares will get 21.45 shares in premium, and the shareholders holding 100 units of Grand Bank will get 65.58 shares of Prabhu Bank.
Prabhu Bank is also issuing total 10:2 right shares at the face value of Rs 100 from Falgun 16. The current shareholders of Prabhu Bank till the date of book closure will only be entitled to the right share.
PRVU has earned net profit of Rs. 40.56 crore in the second quarter of the fiscal year 2072/73.
