Progressive Finance to close shareholders register book on Shrawan 23 for upcoming 1:2.81 right share issuance; Paid up capital to reach 80.01 crore

Progressive Finance Limited (PROFL) has announced book closure date for its upcoming 281% right share issuance.

The shareholders register book will remain closed on Shrawan 23, 2075 for the purpose of the right share issue i.e. the shareholders holding shares of the company till Shrawan 22 shall be eligible to receive the right shares.

The bank will be issuing 59.01 lakh unit shares at par value of Rs 100. The finance company’s current capital of Rs 21 crore will increase to Rs 80.01 crore after the adjustment of 281% right shares.

NIBL Ace Capital has been appointed as the issue manager for the right share auction. Care Ratings Nepal had assigned Grade 5 rating to the right shares of PROFL indicating poor fundamentals.

The finance company has reported net loss of Rs 97.10 lakh in the third quarter of the current fiscal year. Its Last Traded Price (LTP) as on Ashadh 24, 2075 was Rs 154.