Reliance Finance in SEBON pipeline to issue 45% right share

Reliance Finance Limited (RLFL) has applied to Securities Board of Nepal (SEBON) to issue right shares in the ratio 100:45. The finance company is seeking approval to issue 23,06,571.60 units right shares worth Rs 23.06 crore, each to be floated to its existing shareholders at par value of Rs 100 per share. Sunrise Capital Limited is the assigned issue manager. RLFL’s current paid up capital remains at Rs 51.25 crore. After issuance of 45% right share, its paid up capital will reach Rs 74.32 crore. As per NRB’s directive for all national level finance companies to increase their paid up capital to a minimum of Rs 80 crore by the end of FY 2073/74, RLFL should increase a further capital hike of Rs 5.68 crore (around 7.65%). It has earned net profit of Rs 2.50 crore until the end of third quarter of FY 2073/74.