SEBON cancels 2,36,367.53 units FPO shares of Mahakali Bikas Bank; to convert 13.71% promoter shares into public

Securities Board of Nepal (SEBON) has cancelled issuance of Further Public Offering (FPO) of Mahakali Bikas Bank Limited (MBBL). Mahakali Bikas Bank was added in SEBON IPO/FPO pipeline for approval to issue 236,367.53 units shares at premium price on Mangsir 20, 2073. The bank’s 8th AGM held on Poush 25, 2072 had approved to issue FPO shares. As per the notice published by the company today, it stated that the 151^st BOD meeting held on Chaitra 1, 2073 has decided to convert its promoter- public shareholders ratio to 51:49. The current promoter – public shareholding structure of the development bank stands at 59.11:40.89. This means that 13.71 percent of promoter shares will now be converted into the ordinary shares. With this, promoter to public proportion of MBBL will be 51: 49. The development bank has also requested its promoter shareholders to provide letter within 7 working days who do not want to convert their promoter shares to ordinary. Mahakali Bikas Bank had earned net profit of Rs 1.23 crore in its second quarter of the fiscal year 2073/74 as per unaudited report. Its paid up capital stand at Rs 14.88 crore. Mahakali Bikas Bank trading has been halted in Nepal Stock Exchange as the bank has signed acquisition deal with Kumari Bank.