Sunrise upcoming 10:1 right gets Grade 3 from ICRA Nepal

Sharesansar, December 26

ICRA Nepal has assigned an “[ICRANP] IPO Grade 3”, indicating average fundamentals to the proposed rights issue amounting NPR 223.665 million of Sunrise Bank Limited (SRBL).

SRBL is proposing to come out with the 10% rights issue of 2,236,650 numbers of equity shares of face value NRs 100/- each to be issued to the existing shareholders at par.

Sunrise Bank Limited 6th annual general meeting has already approved the agenda to issue 10% right to its shareholders.

ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals. For the Grading categories 2, 3 and 4, the sign of + (plus) appended to the Grading symbols indicate their relative position within the Grading categories concerned. Thus, the Grading of 2+, 3+ and 4+ are one notch higher than 2, 3, and 4 respectively.