SEBON approves 100% right shares of Mission Development Bank

Securities Board of Nepal (SEBON) has approved the issuance of 100% right shares of Mission Development Bank Limited (MIDBL) today. MIDBL will be issuing 19,49,250 units right shares at a par value of Rs 100 to its shareholders. Vibor Capital Limited has been assigned as the issue manager. Mission Development Bank has earned net profit of Rs 3.66 crore in the second quarter of the FY 2073/74. Its paid up capital stands at Rs 19.49 crore, and after the issuance of 1:1 right shares, its paid up capital will reach Rs 38.98 crore. As per NRB’s directive for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, MIDBL will need to issue a further capital hike of around 28.28%.