Rastra Bank provides final nod for the acquisition of Purnima and Bhargav Bikas Bank by Shine Resunga Development Bank; Joint operation from Ashwin 27, 2076

Fri, Oct 4, 2019 11:20 AM on Latest, Stock Market,
Rastra Ban...

Nepal Rastra Bank (NRB) has provided final approval for the acquisition of Purnima Bikas Bank and Bhargav Bikas Bank of Shine Resunga Development Bank. The joint entity will be called Shine Resunga Development Bank (SHINE) and will begin operation from Ashwin 27th, 2076 (October 14th, 2019). Similarly, the registered head office will be located at Province 5, Rupandehi District, Butwal - 06.

The swap ratio has been established at 1:0.95 for both the development banks acquired. One unit share of PURBL and BHBL each will be converted to 0.95 units of SHINE. After the completion of the acquisition process, the promoter public shareholding ratio will stand at 59.38:40.62.

The paid-up capital will increase to Rs.3.27 Arba post the acquisition.

After the completion of the acquisition process, the company will be distributing the right shares in the ratio of 4:1 for the shareholders of the company.

Notice