SEBON approves 80% right share of Sindhu Bikash Bank; paid up to reach Rs 47.19 crore

Sindhu Bikash Bank Limited (SINDU) has received final approval from SEBON to issue right shares in the ratio 10:8 (80%). SINDU will now be issuing 20,97,540 units right shares to its existing shareholders to be floated at a par value of Rs 100 per unit to its shareholders. NIBL Capital Markets Limited has been assigned as the issue manager for the right share. SINDU earned net profit of Rs 1.38 crore in the second quarter of the current fiscal year 2073/74. SINDU has a paid up capital of Rs 26.21 crore. The bank had issued 16.8% bonus share to its shareholders for the FY 2072/73. After issuance of 80% right share, its paid up capital will reach Rs 47.19 crore. As per NRB’s directive for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, SINDU will need to issue a further capital hike of around 6%.