SEBON approves to issue 100% & 50% Right Shares of Summit Microfinance & Excel Development Bank respectively

Securities Board of Nepal (SEBON) has provided final approval to issue right shares of Summit Microfinance Development Bank Limited (SMFDB) and Excel Development Bank Limited (EDBL). Summit Microfinance will be now issuing 7,25,000 units shares in the ratio 1:1 (100%) to its shareholders at a face value of Rs 100 per share. Sanima Capital Limited has been appointed as the issue manager. SMFDB has earned net profit of Rs 3.81 crore in the third quarter of the fiscal year 2073/74 as per unaudited report. SMFDB has a paid up capital of Rs 7.25 crore at present. After issuance of 100% right share, its paid up capital will reach to Rs 14.50 crore. Likewise, Excel Development Bank will be floating 19,22,812.50 units shares in the ratio 2:1 (50%) to its shareholders at a face value of Rs 100 per share. Ace Capital Limited has been appointed as the issue manager. EDBL has earned net profit of Rs 11.70 crore in the third quarter of the fiscal year 2073/74 as per unaudited report. EDBL has a paid up capital of Rs 38.45 crore at present. After issuance of 50% right share, its paid up capital will reach to Rs 57.68 crore.