SEBON approves Ekata Bikas Bank’s IPO, Likely to issue within Jestha

Sharesansar, May 15

Securities Board of Nepal (SEBON) has granted approval to Ekata Bikash Bank Limited for the issuance of ordinary shares on Tuesday. The Bank is issuing an Initial Public Offering (IPO) of 8 lakh units worth Rs 8 crore within the month of Jestha.

The development bank is in operation from May 15, 2011, since then it has always generated profits. The bank has collected Rs 1 arba 13 crore worth deposits and granted a total of Rs 95 crore loans and advances. The customer base of the bank has reached to 16 thousands.

Currently the bank has 2 branches including 9 service centers. The scope of operation is restricted to 3 districts (Dang, Rupundehi and Kapilvastu).

The bank has also launched IPO saving accounts for the general public to ease the overall IPO application process.

As per the third quarter unaudited financial report of FY 2070/71, the bank has earned Rs 1.24 crore as compared to Rs 0.65 crore of the corresponding last fiscal year. The bank’s NPL stand 0.08 percent.