Sahara Bikash Bank compelled to issue right share; registers application for floating 250% right share

Sahara Bikas Bank Limited (SHBL) has registered its application at Securities Board of Nepal (SEBON) to issue right shares in the ratio 1:2.5 as it was compelled to issue 250% right shares endorsed by its 6^th AGM as per the Securities Issue and Allotment Guidelines 2074. It had earlier called for SGMs to cancel the proposed right share after it had signed agreement to be acquired by Deva Bikas Bank, however, the meetings were cancelled as shareholders had filed complaints against the bank for going against the existing regulation. SHBL will now be issuing a total of 18,24,870 units right shares worth Rs 18.24 crore to its shareholders. NIBL Capital Markets Limited is the issue manager for the right share. Sahara Bikash Bank has earned net profit of Rs 1.38 crore up to the end of fourth quarter of FY 2073/74. Its current paid-up capital stands at Rs 7.29 crore, and after floating 250% right shares, its paid-up capital will reach Rs 25.54 crore. Sahara Bikash Bank is currently ongoing acquisition by Deva Bikas Bank. Deva is also acquiring Sajha Bikas Bank Limited and Union Finance Company Limited.