Shine Resunga to commence joint transaction from today after successful acquisition of Purnima and Bhargav Bikash Bank

Mon, Oct 14, 2019 10:52 AM on Corporate, Latest, Stock Market,

Shine Resunga Development Bank Limited (SHINE) upon successful acquisition of Purnima Bikas Bank Limited (PURBL) and Bhargav Bikash Bank Limited (BHBL) to commence its joint transaction in the name of Shine Resunga Development Bank Limited.

Publishing a notice today, the development bank has informed that the joint transaction will begin from Ashwin 27, 2076. Similarly, the registered head office will be located at Province 5, Rupandehi District, Butwal - 06.

The swap ratio has been established at 1:0.95 for both the development banks acquired. One unit share of PURBL and BHBL each will be converted to 0.95 units of SHINE. After the completion of the acquisition process, the promoter public shareholding ratio will stand at 59.38:40.62.

The paid-up capital will increase to Rs.3.27 Arba post the acquisition.

After the completion of the acquisition process, the company will be distributing the right shares in the ratio of 4:1 for the shareholders of the company.

The company has also published the list of new BOD's.