Sahara Bikas Bank floats IPO; not less than 1:1 right share in the pipeline

Fri, Jun 6, 2014 12:00 AM on IPO/FPO News,

ShareSansar, June 6:

Sahara Bikas Bank Limited has floated its Initial Public Offering (IPO) worth Rs 60 lakh from today.

The class ‘B’ development bank based in Malangwa of Sarlahi district has stated that the issue will close on June 10, or by June 20 at the latest.

One must apply for a minimum of 50 units and maximum of 5,000 units of the primary shares being floated at the face value of Rs 100 per unit.

Of the total 60,000 units of the shares being issued, 3,000 units have been earmarked for the mutual funds and another 1,200 have been set aside for the bank staffers.

Sahara had got the approval from the Securities Board of Nepal (SEBON) on April 16 to float the IPO.

Global IME Capital is the issue manager.

The development bank’s paid-up capital will rise to Rs 2 crore from the existing Rs 1.4 crore following the IPO.

The development bank has branches in Barahathawa, Bayalbas and Lalbandi of Sarlahi.
Jha further said that they are also planning to float at least 1:1 right share shortly after the IPO to further shore up the paid-up capital.

“Though the BoD and the shareholders are unanimous when it comes to 1:1 right share, we are also planning to push for 1:2 right share following the IPO to further increase the paid-up capital,” Sahara’s company secretary Ajit kumar Jha told ShareSansar.