Shangri-La Dev. Bank 25% right share issuance from Falgun 9 to Chaitra 14; Paid up capital to reach Rs. 92 crore

Shangri-La Development Bank Limited (SADBL) has called on its existing shareholders to start applying for 4:1 (25%) right share from Falgun 09, 2072. According to the notice published by the development bank today, the rights issue will remain open for 35 days before closing on Chaitra 14, 2072. Only shareholders who have bought the shares and transferred them to their name before the book closure date on Magh 21, 2072 would be eligible to apply for the right shares. Shangri-La Development Bank will be issuing a total of 18, 40,000 unit right share at the face value of Rs 100. NMB Capital limited has been assigned as the issue manager for the right issue. Interested shareholders can collect the application forms from the any branch of Shangri-La Development Bank, as well as from NMB Capital Limited located at Nagpokhari, Naxal, Kathmandu. After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 92 crore from the existing Rs 73.60 crore. The bank has authorized capital of Rs 1 arba. Its promoter- public ratio is at 70% to 30%. The bank might convert its 19% promoter share into public share making the promoter- public share 51% to 49% in the near future. SADBL had earned a net profit of Rs.3.19 crore in the first quarter of the current fiscal year. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+”, indicating below-average fundamentals to the proposed rights issue. Its last traded price stood at Rs 552 as on January 28, 2016.