Siddhartha Bank issuing 1.57 crore units (30%) right shares from today; offer ends Ashad 28

Siddhartha Bank Limited (SBL) is issuing 1,57,52,578.13 units right shares in the ratio 10:3 to its shareholders from today (Jestha 25, 2074). The rights issue will remain open for 35 days before closing on Ashad 28, 2074. The book closure date for the rights issue was set for Jestha 16, 2074. Only those shareholders holding shares till Jestha 14, 2074 are eligible to apply for the right shares. Laxmi Capital Market Limited is the issue manager for the rights issue. Interested applicants can collect application forms from Laxmi Capital Market, New Baneshwor, Siddhartha Capital, Naxal, and from all branches of Siddhartha Bank Limited. The bank’s authorized capital stands at Rs 10.50 arba. SBL has earned net profit of Rs 95.70 crore till the end of third quarter of the ongoing FY 2073/74. After the issuance of 30% right share, the bank’s paid up capital will reach Rs 6.82 arba with promoter – public shareholding structure at 51:49. 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, SBL will need to issue a further capital hike of Rs 1.18 arba (around 17.30%).