SEBON approves 214% right share of Kankai Bikas Bank; paid up to reach Rs 47.10 crore

Securities Board of Nepal (SEBON) has provided final approval to Kankai Bikas Bank Limited (KNBL) for the issuance of right shares in the ratio 1:2.14. KNBL will now be issuing 32,10,000 units right shares to its shareholders, each to be floated at a par value of Rs 100 per share. Kankai Development Bank’s 10^th AGM held on Mangsir 25, 2073 had approved the agenda to issue 214% right share to its existing shareholders. The same meeting had also approved 20% bonus share to its shareholders. KNBL had earned net profit of Rs 3.14 crore till the end of third quarter of FY 2073/74. Its paid up capital currently stands at Rs 15 crore and after the issuance of right shares, its paid up capital will reach Rs 47.10 crore. As a 1-3 district level development bank, KNBL should increase its paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74.