Reliable Dev. Bank proposes 29% stock dividend

Reliable Development Bank Limited (REDBL) has decided to distribute 29 percent stock dividend to its shareholders. As per the notice published in NEPSE today, the BOD meeting held today has proposed 29 percent stock dividend to its shareholders from the net profit it earned in the last fiscal year 2072/73. The decision is subjected to approval from Nepal Rastra Bank and the development bank’s upcoming Annual General Meeting (AGM). Last year, REDBL had distributed 10 percent stock dividend to its shareholders. REDBL has earned net profit of Rs 3.68 crore in the first quarter of the fiscal year 2073/74 as per unaudited report. It’s paid up capital stands at Rs 78.85 crore. After adjustment of 29 bonus share, its paid up capital will reach to Rs 1.01 arba. Global IME Bank had signed an agreement to acquire Reliable Development Bank on Ashwin 14, 2073. The trading of Reliable has been halted in Nepal Stock Exchange following the acquisition process. .