Shine Resunga Development Bank to acquire Bhargav Bikas Bank; Trading of Bhargav Bikas Bank halted from today

Shine Resunga Development Bank (SHINE) and Bhargav Bikas Bank (BHBL) have signed agreement for merger and aquisition (M&A). Thus, pursuant to the relevant regulations, Bhargav Bikas Bank's trading has been halted in NEPSE from Jestha 01, 2076.

The paid-up capital of BHBL stands at Rs 50.16 crore as of Q3 of FY 2075/76. Likewise, SHINE has a paid up capital of Rs.1.62 Arba and reserve of Rs.64.23 Crore.

Earlier, on March 11, 2019 SHINE had signed MoU  with Purnima Bikash Bank Limited (PURBL) for the acquisition. After the acquisition, the company name will remain as Shine Resunga Development Bank whereas, Shine Resunga will be established as national level bank there after.