SEBON approves 30% right share of Sunrise Bank; Reliable Microfinance’s 50% right in pipeline

Securities Board of Nepal (SEBON) has provided approval to Sunrise Bank Limited (SRBL) for the issuance of its 30% right shares. SRBL will now be issuing 16,359,636 units shares to its shareholders, each to be floated at a face value of Rs 100 per share. Prabhu Capital Limited has been appointed as the issue manager. SRBL has earned net profit of Rs 60.97 crore in the second quarter of the FY 2073/74. Its paid up capital currently stands at Rs 5.45 arba. After the issuance of 30% right share, its paid up capital will reach Rs 7.09 arba. As per NRB’s requirement for all commercial banks to increase their paid up capital to a minimum of Rs 8 arba by the end of FY 2073/74, SRBL will need to increase its capital by a further 12.85%. Reliable Microfinance’s 50% right in SEBON pipeline; paid up to reach Rs 8.47 crore Reliable Microfinance Bittiya Sanstha Limited (RMFL) has been added in SEBON pipeline to seek approval for the issuance of 50% right shares. RMFL is seeking approval to use 2,82,500 units right shares to its shareholders at par value of Rs 100 per share. Civil Capital Market Limited has been assigned as the issue manager for the right issue of RMFL. RMFL’s 4^th AGM conducted on Mangsir 19, 2073 had endorsed the issuance of right shares in the ratio 2:1 for increasing the capital. Its paid up capital currently remains at Rs 5.65 crore, and after the issuance of 50% right share, its paid up capital will reach Rs 8.47 crore. It had earned net profit of Rs 71.98 lakh in the second quarter of the FY 2073/74. Its last traded price stood at Rs 2,627 as of yesterday (Baisakh 14, 2074).