Sindhu Bikas Bank issuing 100%  (12.09 lakh units) right shares from Shrawan 23;Paid up capital to reach Rs 24.18 crore

Sindhu Bikas Bank Limited (SINDU) is issuing 1:1 (100%) right shares to its existing shareholders from Shrawan 23, 2073. According to the notice published by the development bank today, the rights issue will remain open for 35 days before closing on Bhadra 26, 2073. Sindhu Bikas Bank will be issuing a total 12, 09, 375 unit right shares at the face value of Rs 100. Only shareholders who have bought the shares and transferred them to their name before the book closure date on Shrawan 7, 2073 would be eligible to apply for the right shares. NIBL Capital Markets Limited is the issue manager for the right issue. Interested shareholders can collect the application forms from NIBL Capital Markets Limited, Lazimpat, Kathmandu and from central and all branch offices of Sindhu Bikas Bank Limited. After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 24. 18  crore from existing Rs 12.09 crore. The bank has authorized capital of Rs 30 crore. Its public-promoter share structure stands at 51:49 ratio. Sindhu Bikas Bank has earned net profit of Rs 1.45 crore in the third quarter of the fiscal year 2072/73. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed rights issue. Its last traded price stood (LTP) at Rs 590 as on July 19, 2016.