Reliable, Shubhalaxi Finance and NCDB holding special AGMs today to endorse merger

ShareSansar, February 17:

Reliable Finance Limited, Nepal Consumer Development Bank Limited and Shubhalaxmi Finance Limited are holding separate special Annual General Meetings today to formally endorse their merger.

The special AGM is expected to endorse the Due Diligence Audit for the merger that has been determined through the interest pulling method at a swap ratio of 112.70, 89 and 94 for Reliable, Shubhalaxmi and NCDB, respectively.

The merger will result in a class ‘B’ development bank of the national level with a paid-up capital of Rs 68.27 crore, according to the separate notices issued by the three BFIs regarding their special AGM.

Until the next AGM of the merged company, an interim Board of Directors comprising three promoters of Reliable and one each of Shubhalaxmi and NCDB, and a public director each of Shubhalaxmi and NCDB will be appointed.