Sunrise Bank announces its AGM; 10% right and11% bonus shares in the offing, Plan to Convert 19% promoter share

ShareSansar, April 3:

Sunrise Bank Limited is holding its 6th Annual General Meeting on May 4, 2014. The AGM will endorse 10 percent right shares besides approving 11 percent bonus shares to the shareholders from the net profit it posted in the last fiscal year 2069/70.

The bank had announced the book closure for the bonus shares on April 10. This means that those who hold the shares of the company till April 9 will be entitled for the bonus shares.

The bank is issuing the right shares after the bonus shares adjustment in balance sheet, according to the AGM notice published by the bank earlier this month.

After the issuance of the bonus shares banks existing paid-up capital of Rs 2.01 arba will rise to Rs 2.23 arba and it will further rise to Rs 2.46 arba after the right issue.  AGM will also endorse a plan to convert 19 percent promoters share to ordinary share.

Sunrise Bank Limited had posted a net profit of Rs 32 crore (aprox.) in the last fiscal year whereas till 2nd quarter of this fiscal year its net profit is Rs.20.58 crore which signals that bank is able to make healthy growth in its net profit in this fiscal year too.
 
It may be noted that Sunrse Bank Limited had distributed 5.26 percent cash dividend for the previous fiscal year 2068/69, too.