SEBON approves to issue 30% Right Shares of Om Development Bank

Securities Board of Nepal (SEBON) has provided final approval to Om Development Bank Limited (ODBL) for the issuance of right shares in the ratio 10:3 (30%). ODBL will now be issuing 49,31,835 units right shares to its shareholders, each to be floated at a par value of Rs 100 per share. Om Development Bank’s SGM held on Chaitra 1, 2073 had approved the agenda to issue 30% right share to its existing shareholders. Om Development Bank has recently resumed its trading in Nepal Stock Exchange Limited (NEPSE) after successful merger process with Manaslu Bikas Bank Limited (MSBBL). ODBL had earned net profit of Rs 43.34 crore till the end of fourth quarter of FY 2073/74. Its paid up capital currently stands at Rs  1.64 arba and after adjustment of right share its paid up capital will reach Rs 2.13 arba. As per NRB’s directive for all national level development banks, the bank should increase its paid up capital to Rs 2.50 arba by the end of FY 2073/74.