Sunrise Bank acquires Narayani National Finance; Paid up to reach Rs 6 arba after acquisition &30% right issue

Sunrise Bank Limited has signed an agreement to acquire Narayani National Finance Limited on Monday.

Motilala Dugad, Chairman of Sunrise Bank and Laxmi Das Mamandhar of Narayani National Finance signed the agreement. Publishing a press release, it has stated that a consultant will be recruited for the asset and liabilities evaluation.

Sunrise Bank has postponed its Special AGM after the decision of acquisition of the finance company.The commercial bank had called out SGM to issue (10:3) 30 % right share. After the acquisition of the finance company ,  Sunrise Bank will be issuing the 30% right share. Then, the paid up will reach Rs 6 arba.  As per the sources, tentative swap ratio has been agreed to 100:77.

With all this Sunrise bank is set to reach paid up capital requirement of Rs 8 arba on its own.

The trading of Narayani National Finance will be halted in NEPSE while the scrips of Sunrise Bank will continue to trade during this acquisition process.