Sindhu Bikas Bank appoints NIBL Capital as issue manager to issue 80% right share

Sindhu Bikas Bank Limited (SINDU) has appointed NIBL Capital Markets Limited as its issue manager for issuing 10:8 (80%) right share. Sindhu Bank 7^th AGM had approved to issue 80% right share to its shareholders. The development bank will be floating 20.97 lakh units right shares. The process to issue right share is yet to be approved by SEBON. The bank earned net profit of Rs 1.38 crore in the second quarter of the current fiscal year 2073/74. SINDU  has a paid up capital of Rs 26.21 crore. The bank had issued 16.8% bonus share to its shareholders for the FY 2072/73. After issuance of 80% right share, its paid up capital will reach Rs 47.19 crore. As per NRB’s directive for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, SINDU will need to issue a further capital hike of around 6%.