Reliable Dev Bank 11th AGM today; to endorse 28.14% bonus share & cancellation of 100% right share

Reliable Development Bank Limited (REDBL) is conducting its 11^th Annual General Meeting (AGM) today (Chaitra 2, 2073) at Army Officers Club, Auditorium Hall, Bhadrakali, Kathmandu. The main agendas of the AGM are:

1. To endorse 28.14% bonus share to its shareholders for the FY 2072/73
2. To endorse the initial agreement of acquisition by Global IME Bank Limited
3. To cancel the issuance of right shares in the ratio 1:1 endorsed by the bank’s 10^th AGM, and amend the Memorandum of Association accordingly
4. To amend the Article of Association and Memorandum of Association as per directions received by regulatory authorities

Reliable Development Bank’s 10^th AGM held on Ashad 17, 2073 had endorsed the issuance of 100% right shares in order to meet NRB’s capital hike requirement. However, the bank says that further capital hike is not required after being acquired by Global IME Bank. Other agendas of the AGM include endorsement of financial statements of the FY 2072/73, appointment of auditor and appointment of 1 director from general public side. Trading of REDBL is in halt at NEPSE as it is undergoing acquisition by Global IME Bank. The bank has set book closure date for Falgun 20, 2073. Only those shares registered one day ahead of the book closure date i.e. on Falgun 19, 2073 are eligible for the bonus share and participation in the AGM. Reliable Development Bank has earned Rs 7.46 crore net profit in the second quarter of the FY 2073/74. Its paid up capital stands at Rs 78.86 crore. After the issuance of 28.14% bonus shares, its paid up capital will reach Rs 1.01 arba.