SEBON approves to issue 35% right share of Tinau Development Bank

Securities Board of Nepal (SEBON) has provided final approval to Tinau Development Bank Limited (TNBL) for the issuance of 35% right shares. TNBL will be issuing 11,94,796.09 units right shares worth Rs 11.94 crore at a face value of Rs 100 per unit to its shareholders. Siddhartha Capital Limited is the issue manager for the issue. TNBL had endorsed 25% bonus share for the FY 2072/73. Its paid up capital after the issuance of bonus stands at Rs 34.12 crore. After the issuance of 35% right shares, its paid up capital will reach Rs 46.06 crore. As per NRB’s requirement for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, it will need to issue a further capital hike of around 8.55%.