SEBON approves 100% right share of Tourism Development Bank Limited

Securities Board of Nepal (SEBON) has provided approval to Tourism Development Bank Limited (TDBL) for issuing right shares in the ratio 1:1 (100%). The development bank will be issuing 9,197,712 units right shares worth Rs 91.97 crore at a par value of Rs 100 per unit. NIBL Capital Markets Limited is the issue manager. TDBL’s SGM held on Bhadra 15, 2073 had endorsed 100% right shares to its shareholders on the paid up capital after acquiring Matribhumi Development Bank and Kalinchowk Development Bank. Its paid up capital currently stands at Rs 91.97 crore. After the issuance of right shares, its paid up capital will reach Rs 1.83 arba. TDBL has earned net profit of Rs 14.63 crore in the second quarter of the FY 2073/74. It has signed an agreement for merger with Mega Bank Nepal Limited (MEGA) due to which their trading is at halt in NEPSE. MEGA has also proposed 65% right share to its shareholders. After the issuance of right shares and subsequent merger in the share swap ratio of 100:95, the paid up capital of the merged entity will reach over Rs 9.48 arba.