Siddhartha Dev. and Nepal Aawas Finance sign MoU for merger; swap ratio at 1:1
Tinkune- Kathmandu based National Level Siddhartha Development Bank Limited (SDBL) and Banepa-Kavre based Nepal Aawas Finance Limited (NABB) have signed a memorandum of understanding (MoU) to enter into a merger process yesterday.
The tentative share swap ratio stands of SDBL: NABB is at 1:1.
After the merger with NABB, SDBL will be largest development bank of Nepal in terms of business volume.
SDBL has already entered into the merger process with Ekta Bikas Bank Limited (EKBL).
As per the unaudited 4th quarterly report of FY 71/72, paid up capital of SDBL stands at Rs 64 crore 50 lakhs and paid up capital of EKBL stands Rs 20 crore. After merger the paid up capital of merged entities will be Rs 84.50 crore.
The paid up capital of NABB stands at Rs 20.08 crore. After the merger the merged entity will have a paid up capital of Rs 1.04 arba.
The last trading price of NABB stands at 127 in NEPSE as of September 16, 2015. Trading of the scrips of NABB will halt at the secondary market from tomorrow, whereas the trading of the scrips of SDBL is already at halt in NEPSE after it entered the merger process with EKBL.
The BOD of SDBL has announced 11% Bonus Shares and 0.58% Cash Dividend (for Tax Purpose) to their shareholders from the net profit of last fiscal year.
After the merger with NABB, SDBL will be largest development bank of Nepal in terms of business volume.
SDBL has already entered into the merger process with Ekta Bikas Bank Limited (EKBL).
As per the unaudited 4th quarterly report of FY 71/72, paid up capital of SDBL stands at Rs 64 crore 50 lakhs and paid up capital of EKBL stands Rs 20 crore. After merger the paid up capital of merged entities will be Rs 84.50 crore.
The paid up capital of NABB stands at Rs 20.08 crore. After the merger the merged entity will have a paid up capital of Rs 1.04 arba.
The last trading price of NABB stands at 127 in NEPSE as of September 16, 2015. Trading of the scrips of NABB will halt at the secondary market from tomorrow, whereas the trading of the scrips of SDBL is already at halt in NEPSE after it entered the merger process with EKBL.
The BOD of SDBL has announced 11% Bonus Shares and 0.58% Cash Dividend (for Tax Purpose) to their shareholders from the net profit of last fiscal year.
