Sebon approves to issue 50% & 25% right share of Machhapuchchhre Bank & Kasthamandap Dev. Bank respectively

Securities Board of Nepal (SEBON) has given final approval to issue 2:1 (50%) right shares of Machhapuchchhre Bank Limited (MBL). Civil Capital Markets Limited has been assigned as the issue manager for right share issue. Machhapuchchhre Bank 17^th AGM held on Baisakh 26, 2073 had endorsed 2:1 right share i.e. 19,322,700 units to its existing shareholders. MBL has earned net profit of Rs 89.18 crore in the fourth quarter of last fiscal year 2072/73. It’s paid up capital remains at Rs 3.86 arba. After issuance of 50 percent right share, its paid up capital will reach to Rs 5.79 arba. Its last traded price stood at Rs 830 as on October 10, 2016. Likewise, SEBON has given final approval to issue 4:1 (25%) right shares of Kasthamandap Development Bank Limited (KDBL). NCM Merchant Banking Limited has been assigned as the issue manager for right share issue. Kasthamandap Development Bank 8^th Annual General Meeting had approved 4:1 (25%) right share i.e. 1,699,741.70 units to its existing shareholders. At present, KDBL has paid up capital of Rs 67.98 crore. The development bank has earned net profit of Rs 30.22 crore in fourth quarter of last fiscal year 2072/73. Recently, Kumari Bank and Kasthamandap Development Bank had signed an agreement for the acquisition process. Trading of Kasthamandap Development Bank has been suspended in Nepal Stock Exchange Limited (NEPSE).