SEBON approves right shares of Cosmos Dev. Bank, Alpine Dev. Bank, Surya Life Ins. & United Fin.; Offer letter within Ashad end

Securities Board of Nepal (SEBON) has given final approval to 1:1 (100%), 3:2.08 (69.49 %), 4:1 (25%) & 4:1(25%) right issue of Cosmos Development Bank, Alpine Development Bank, Surya Life Insurance and United Finance respectively on Ashad 9, 2073 (yesterday). Cosmos Development Bank Limited (CSDBL) has got approval to issue 5, 03,125 units right share at Rs 100. Civil Capital Market Limited is the issue manager for this right share issue. CSDBL had earned a net profit of Rs. 93.30 lakh in the third quarter of the current fiscal year 2072/73. The paid up capital of the bank remains Rs 5.03 crore. After the issuance of 100 percent, the paid up capital will reach at Rs 10.06 crore. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue. Similarly,  Alpine Development Bank Limited (ALDBL) has got approval to issue 820,000 units right share at Rs 100 to its existing shareholders. NMB Capital Limited has been assigned as the issue manager for this right share issue. Alpine Development Bank has earned net profit of Rs 2.41crore in the third quarter of the fiscal year 2072/73. The paid up capital of the bank remains Rs 11.80 crore. After the issuance of 69.49 percent, the paid up capital will reach at Rs 19.99 crore. ICRA Nepal has assigned an “[ICRANP] IPO Grade 5”, indicating poor fundamentals to the proposed rights issue. Likewise, Surya Life Insurance Company Limited (SLICL) has got approval to issue 1,250,000 units right share at Rs 100 to its existing shareholders. Laxmi Capital Markets Limited has been assigned as the issue manager for the right issue. SLICL had earned a net profit of Rs. 79.09 lakh in the third quarter of the current fiscal year. The paid up capital of the insurance company stands at 50 crore. After the issuance of 25 percent, the paid up capital will stand at Rs 62.5 crore. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue Also, United Finance Limited (UFL) got approval from SEBON to issue 1,159,836.13 units right share at Rs 100 to its existing shareholders. Nabil Investment Banking Limited has been assigned as the issue manager for the right issue. UFL had earned a net profit of Rs. 3.33 crore in the third quarter of the current fiscal year. The paid up capital of the insurance company stands at 23.86 crore. After the issuance of 25 percent, the paid up capital will stand at Rs 29.82 crore. Issue managers of the respective companies have stated to publish offer letters within Ashad end.