Siddhartha Bank 15th AGM today; to endorse 39% bonus share and 30% right

Siddhartha Bank Limited (SBL) is conducting its 15^th AGM today (Falgun 5, 2073) at Trade Tower, Thapathali, Kathmandu. The AGM will start at 11:00 AM. Main agendas of the AGM are:

1. To endorse 39% bonus share worth Rs 1,47,32,62,702 (Rs 1.47 arba) from the profits of FY 2072/73
2. To endorse a further 30% right after the capitalization of the above bonus shares
3. To amend Article of Association and Memorandum of Association as directed by regulatory authorities
4. To elect 4 directors from promoters side and 3 from general public

Other agendas of the AGM include appointment of auditor and endorsement of financial highlights of FY 2072/73. The book closure date for the AGM was set for Magh 20, 2073 for one day. Only the shareholders holding shares one day ahead of the book closure date i.e. Magh 19, 2073 were eligible for the bonus and the AGM. A separate book closure date will be announced for the right shares. Siddhartha Bank Limited has earned Rs 74.94 crore up to the second quarter of the current FY 2073/74. Its paid up capital stands at Rs 3.02 arba. After adjustment of the issued 25% rights shares, the bank’s paid up capital will reach Rs 3.77 arba. After distribution of the proposed 39% bonus share, its paid up capital will reach Rs 5.25 arba. Finally, after the issuance of the proposed 30% right shares, its paid up capital will reach Rs. 6.82 arba. As per NRB’s directive for all commercial banks to increase their paid up capital to a minimum of Rs 8 arba by the end of FY 2073/74, Siddhartha Bank Limited will need to issue a further capital increase of around 17.30%.