Siddhartha Dev Bank signs agreement with Nabil Investment Banking for 60% right share issue

Siddhartha Development Bank has appointed Nabil Investment Banking Limited as the issue manager for its upcoming 10:6 right shares. Mr. Ajay Kumar Mishra, CEO of the development bank and Mr. Pravin Raman Parajuli, CEO of Nabil Investment Banking signed the agreement. Siddhartha Development Bank’s 17^th AGM conducted on Mangsir 27, 2073 had endorsed the agenda to issue right shares in the ratio 10:6. The development bank’s paid up capital stands at Rs 1.41 arba. After the issuance of right shares, the paid up capital will reach Rs 2.27 arba. It aims to hike its paid up capital to Rs 2.5 arba by issuing dividends to its shareholders from the profits earned in the ongoing fiscal year 2073/74. Siddhartha Development Bank has been providing service through 33 branches all over Nepal. It aims to open 8 new branches within this fiscal year.