Reliance Lotus Finance 6th AGM today; to endorse 20% bonus & 60% right share

Reliance Lotus Finance Limited (RLFL) is holding its 6th Annual General Meeting (AGM) today. The AGM is being held at Trade Tower, Thapathali, Kathmandu at 11:00 AM. The main agenda of the AGM are:

• To endorse 20 percent bonus share and 1.05 percent cash dividend to its shareholders from the net profit earned in the last fiscal year 2071/72.
• To increase issued and authorized capital up to Rs 80 crore and amend the article of association accordingly.
• To endorse 10:6 (60%) ratio right share to its existing shareholders and maintain its paid up capital up to Rs 80 crore.
• After bonus share is issued its paid up capital will increase and amend the article of association accordingly.
• To change the name of the company as Reliance Finance Limited in Nepali and English.

• Conversion of promoter – public shareholder structure to 51% promoter shares and 49% ordinary shares. After the conversion, the promoter share to ordinary share ratio of the bank will stand at 51:49 percent.
• Authorize BOD to initiate merger and acquisition process with other financial institutions.
• To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Other main agendas of the AGM include financial highlights of 2071/72, appointment of auditor and to increase the allowance of BOD member. Only those shareholders owning shares till Jestha 8, 2073 are entitled to the dividend of the company. The register of their shareholders has been closed from Jestha 9, 2073 till today ( Jestha 21, 2073) for the purpose of its upcoming AGM. Reliance Lotus Finance has earned net profit of Rs 2.27 crore in the third quarter of the fiscal year 2072/73 as per unaudited report.