SEBON approves 281% right shares of Progressive Finance; Grade 5 ratings assigned by Care Ratings indicating poor fundamentals
Thu, Jun 21, 2018 6:51 AM on Dividend, Bonus & Rights, Latest, Stock Market,
Securities Board of Nepal has provided approval to the 281% right share issuance of Progressive Finance Limited (PROFL). The finance company will be issuing 59.01 lakh unit right shares to its shareholders.
The finance company’s current capital of Rs 21 crore will increase to Rs 80.01 crore after the adjustment of 281% right shares.
Sunrise Capital has been appointed as the issue manager for the right issuance.
The finance company has reported net loss of Rs 97.10 lakh in the third quarter of the current fiscal year.
Care Ratings Nepal had assigned Grade 5 rating to the right shares of PROFL indicating poor fundamentals.
Its Last Traded Price (LTP) as on Ashadh 07, 2075 was Rs 148.
