Sunrise Bank dashes shareholders hopes of dividend; 7th AGM proposes 100:15 right shares

ShareSansar, April 9:

Shareholders of Sunrise Bank Limited (SRBL), who had been eagerly waiting to hear news about dividend—either in the form of cash or shares—must have been surprised after going through the AGM notice published by the bank on Thursday (Chaitra 26).

The BoD meeting of the bank, held on Chaitra 10, 2071, has set the date for the bank’s 7th AGM for Baishakh 23rd, 2072. But this year’s AGM will be disappointing for shareholders as compared to last year when the bank had offered 11% bonus shares, this year the BoD of Sunrise Bank has not proposed any cash or stock dividend for its shareholders.    

Apart from the bonus shares, the bank’s last AGM, held on Baishakh 1, 2071, had proposed 10:1 right shares. The last AGM had endorsed the issuance of 22,36,650 unit of right shares. The bank had opened application for the right shares between Falgun 22 and Chaitra 26. After the right shares are fully taken up, the bank’s paid up will increase to Rs 246 crores from Rs 223 crores.

But this year, dashing the hopes of any dividend, the bank is calling on the shareholders to pour in more money into the bank by proposing to issue more right shares at the ratio of 100:15 right shares. After this right shares offer is approved by the AGM and fully subscribed by the existing shareholders, the bank’s paid up capital will rise to Rs 282.93 crores.

The other main agenda of the 7th AGM include electing a board member representing public shareholders.

The bank has set the book closure date between Baishakh 3 and Baishakh 23, 2072.