Reliance Finance 7th AGM today; to endorse 15% bonus and 60% right share

Reliance Finance Limited (RLFL) is going to holding its 7th Annual General Meeting (AGM) today (Poush 26, 2073) at Trade Tower, Thapatali, Kathmandu at 11:00 AM The main agendas of the AGM are:

• To endorse 15 percent bonus share and 0.79 percent cash dividend for tax purpose from the net profit it earned in the FY 2072/73.
• To issue 10:6 (60%) right share after bonus share distribution and amend article of association accordingly.
• To authorize BOD for initiation of merger/acquisition process if paid up capital increases and to postpone right share issuance.
• To authorize BOD to appoint auditor for Due Diligence Audit (DDA) and Memorandum of Understanding (MOU) for merger/acquisition process.
• To increase daily allowance and travel allowance of Board of Directors.

Other agendas of the AGM include financial highlights of FY 2072/73, appointment of auditor and election of 1 BOD member from public shareholders group. The register of the shareholders was closed from Poush 11, 2073 to Poush 19, 2073 for the purpose of its AGM. Only those shareholders owning shares till Poush 10, 2073 were eligible for the bonus shares of the company. A separate book closure date will be published for the right share. The finance company has earned net profit of Rs 8.65 crore in the fourth quarter of the last fiscal year 2072/73. It has a paid up capital of Rs 44.57 crore. After distribution of 15% bonus and 60% right share distribution, its paid up capital will rise to Rs 82 crore.