Sunrise Bank’s 30% right share added in SEBON pipeline

Sunrise Bank Limited (SRBL) has been added in Securities Board of Nepal (SEBON) pipeline to seek approval for the issuance of 30% right shares. SRBL is seeking approval to issue 16,359,636 units shares to be floated a face value of Rs 100 per share. Prabhu Capital Limited has been appointed as the issue manager. SRBL has earned net profit of Rs 60.97 crore in the second quarter of the FY 2073/74. Its paid up capital currently stands at Rs 5.45 arba. After the issuance of 30% right share, its paid up capital will reach Rs 7.09 arba. As per NRB’s requirement for all commercial banks to increase their paid up capital to a minimum of Rs 8 arba by the end of FY 2073/74, SRBL will need to increase its capital by a further 12.85%.