Siddhartha Bank proposes further 10% right share; SGM on Ashad 18

Siddhartha Bank Limited (SBL) has decided to issue further 10% right share to its shareholders. The right share will be issued on the paid up capital after capitalization of its ongoing 30% right share. As per the notice published in NEPSE today, the banks 271^st BOD meeting held today has decided to call for a Special General Meeting (SGM) on Ashad 18, 2074. The SGM will be endorsing various agendas including restructuring of the Board of Directors (BOD) as directed by Nepal Rastra Bank. 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. Likewise, after further 10% right share, its paid up capital will reach Rs 7.51 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, SBL will need to issue a further capital hike of Rs 49 crore (around 6.52%).