SEBON approves right share of Saptakoshi Dev Bank, Lumbini General Insurance & Reliable Microfinance; Century Commercial Bank in right share pipeline

Securities Board of Nepal (SEBON) has approved the issuance of right shares of Saptakoshi Development Bank Limited (SKDBL), Lumbini General Insurance Limited (LGIL) and Reliable Microfinance Bittiya Sanstha Limited (RMFL). SKDBL will now be issuing 130% right share, LGIL will be issuing 100% and RMFL will be issuing 50% right share to its shareholders at par value of Rs 100 per share. NMB Capital will be managing the right issue for Saptakoshi Development Bank while CBIL Capital and Civil Market have been appointed issue managers for the right shares of Lumbini General Insurance and Reliable Microfinance respectively. Saptakoshi Development Bank’s paid up capital currently stands at Rs 21.10 crore. After issuance of 130% right share, its paid up capital will reach Rs 48.53 crore. Likewise, after issuance of 100% right share, LGIL’s paid up capital will reach Rs 78 crore. Similarly, after 50% right share issuance, Reliance Microfinance’s paid up capital will reach Rs 8.47 crore. Book closure dates for the right issues will be announced by the companies in the coming days. Century Commercial Bank in SEBON right share pipeline Century Commercial Bank Limited (CCBL) has applied to SEBON to issue 40% right share. CCBL intends to issue 1,88,54,257 units shares worth Rs 1.88 crore to its shareholders after acquisition of Innovative Development Bank and Araniko Development Bank. After this right issue, CCBL’s paid up capital will reach Rs 6.59 arba from existing Rs 4.71 arba. CCBL intends to further hike its paid up capital by acquisition of Sagarmatha Finance, Alpine Development Bank and Seti Finance.