Sindhu Bikas Bank to float 80% right share; paid up capital to reach Rs 51.21 crore

Sindhu Bikas Bank Limited (SINDU) has published a notice to float 10:8 (80%) right share to its shareholders. Earlier, the development bank had issued 1:1 (100%) right shares a total of 12, 09, 375 unit right shares to its existing shareholders on Shrawan 23, 2073. The development bank’s paid up capital before 1:1 right share issuance remained at Rs 12.09 crore. With the adjustment it’s paid up capital reached to Rs 24.18 crore.  Also the bank had distributed 17.68 dividends from the net profit it earned in the FY 2072/73. After 17.68 percent bonus share distribution it’s paid up capital remains at Rs 28.45. Likewise after issuance of 80% right share, its paid up capital  will reach to Rs 51.21crore. Issuing a press statement it stated that as per Nepal Rastra Bank’s direction and the bank’s capital plan, the development plan has issued 80% right share to its shareholders. At present the bank has collected Rs 1.40 arba and disbursed loan of Rs 1 arba. The bank earned net profit of Rs 2.72 crore in the fourth quarter of the last fiscal year 2072/73. The bank is also opting for merger process with other Bank and Financial Institutions (BFIs). The bank is rendering services through 9 branches and 2 Limited Banking services.