SEBON approves 33.33% right share of Everest Bank; paid up to reach Rs 6.03 arba

Securities Board of Nepal (SEBON) has provided approval to Everest Bank Limited (EBL) for the issuance of right shares in the ratio 3:1. NIBL Capital Markets Ltd. has been assigned as the issue manager. EBL will now be issuing 1,50,88,087 units right shares at a par value of Rs 100 per unit. After the issuance of 33.33% right shares, its paid up capital will reach Rs 6.03 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, EBL will need to issue a further capital hike of around 32.50%. EBL has earned Rs 1.52 arba in the third quarter of the FY 2073/74. Its SGM conducted today has also provided authority to its BOD to initiate merger/acquisition with appropriate BFIs. Its last closing price stood at Rs 1,801 as of today (Baisakh 20, 2074).