SEBON approves 60% right share of Siddhartha Dev Bank; paid up capital to Reach Rs 2.25 arba; to be acquired by Janata Bank soon

Securities Board of Nepal (SEBON) has provided final approval to Siddhartha Development Bank Limited (SDBL) for the issuance of right shares in the ratio 10:6. SDBL will be issuing 85,15,006 units right shares to its existing shareholders at a par value of Rs 100 per share. Nabil Investment Banking Limited has been assigned as the issue manager. SDBL’s paid up capital currently stands at Rs 1.41 arba after the capitalization of 24% bonus share for the FY 2072/73. After the issuance of 60% right shares, its paid up capital will reach Rs 2.25 arba. SDBL has earned Rs 18.68 crore in the second quarter of the FY 2073/74. It has signed an agreement with Janata Bank Nepal Limited (JBNL) for acquisition, and as a result, its trading has been suspended in NEPSE since March 2, 2017. JBNL’s 7^th AGM has also endorsed further 60% right after its merger with Triveni Bikas Bank.