Shine Resunga floats 2:1 Right share from today

ShareSansar, May 23:

Shine Resunga Development Limited has started the issuance of the much-awaited 19.19 Lakh units of 2:1 right shares from today.

The issue will close on June 26.

It may be noted that the company has already announced the book closure for 2:1 right shares on May 11. Those who already hold shares of the company till May 10 will only be entitled to the right shares.

The fifth Annual General Meeting of the development bank held on October 31 at Tamghas in Gulmi had decided to issue rights shares at the ratio of 2:1 of the paid-up capital after endorsing 20 percent bonus shares to the shareholders from the net profit it posted in the last fiscal year 2069/70.

Growmore Merchant Banker Limited is the issue manager.

The current paid-up capital of the development bank, which was formed last year following the merger between Shine Development Bank Limited and Resunga Bikas Bank Limited, stands at Rs 38.38 crore.

Shine Resunga, which posted a net profit of net profit of Rs.8.73 crore in the last fiscal year, has been steadily growing this fiscal year, too.