Sindhu Bikas Bank extends 80% right shares till Kartik 5; NIBL Capital manages the issue

Sindhu Bikas Bank Limited (SINDU) has extended its 80% right issue till Kartik 5, 2074. Now the investors applying for the right share have 15 days more to apply for the right issue. Sindhu Bikas Bank is issuing 10:8 (80%) to its shareholders from Bhadra 18, 2074. NIBL Capital Markets Limited is the issue manager for the right issue. SINDHU is issuing a total of 20,97,540 unit right shares worth Rs 2.09 crore at the face value of Rs 100. Sindhu Bikas Bank has set book closure date for the 80% right issue on Bhadra 9, 2074. Only those shareholders holding shares traded one trading day ahead of the book closure date i.e. until Bhadra 7, 2074 are eligible to apply for the right shares. After the adjustment of the rights shares, the bank’s total paid-up capital will reach Rs 47.19 crore from the existing Rs 26.21 crore. The bank has authorized capital of 70 crore. Interested applicants can collect application forms from NIBL Capital Markets Limited, Lazimpat, Kathmandu and from all branches of Sindhu Bikas Bank and designated branch office of Nepal Investment Bank. SINDU has earned net profit of Rs 3.72 crore in the fourth quarter of the last FY 2073/74. 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%.