Shangri-La Dev. Bank 25% right share issuance from today; Ends on Chaitra 14

Shangri-La Development Bank Limited (SADBL) has called on its existing shareholders to start applying for 4:1 (25%) right share from today (Falgun 09, 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. The right issue will close on Chaitra 14, 2072. Shangri-La Development Bank is 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 364  as on February 18, 2016.