Sindhu & Kabeli Bikas Bank issuing 80% & 50% Right Shares respectively from today

Sindhu Bikas Bank Limited (SINDU) and Kabeli Bikas Bank Limited (KEBL) are issuing 10:8 (80%) and 2:1 (50%) right shares respectively to its shareholders from today (Bhadra 18, 2074). SINDU rights issue will close on Ashwin 21, 2074 while KEBL right share will close on Ashwin 22, 2074.” NIBL Capital Markets Limited is the issue manager for the right issue of Sindhu Bikas Bank while Global IME Capital Limited is the issue manager for the right issue of Kabeli Bikas Bank. Sindhu Bikas Bank 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%. Likewise, Kabeli Bikas Bank is issuing a total of 3,50,880 unit right shares worth Rs 3.50 crore at the face value of Rs 100. Kabeli Bikas Bank has set book closure date for the 50% right issue on  Shrawan 18, 2074. Only those shareholders holding shares traded one trading day ahead of the book closure date i.e. until Shrawan 17, 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 10.52 crore from the existing Rs 7.01 crore. The bank has authorized capital of 25 crore. Interested applicants can collect application forms from Global IME Capital Limited, Jamal, Kathmandu and from all branches of Kabeli Bikas Bank and designated branches of Global IME Bank. KEBL has earned net profit of Rs 2.34 crore in the fourth quarter of the last FY 2073/74. Kabeli Bikas Bank had signed an agreement to acquire Mount Makalu Development Bank Limited (MMDBL). MMDBL 50% right share is also in the SEBON pipeline.