Swap ratio of NMB Bank : Clean Energy to be 100:75; SGM on 29th Asad

ShareSansar June 29:

Clean Energy Development Bank Limited (CEDBL) will be holding its Special General Meeting (SGM) on 29th of Ashad, 2072. The meeting will be held at Amrapali Banquet, Bhatbhateni, Baluwatar road at 10:30 am.

The meeting is likely to pass the proposal to undergo merger with NMB Bank Limited, Pathibhara Bikash Bank Limited, Bhrikuti Development Bank Limited and Prudential Finance Company Limited.

The meeting will also endorse the swap ratio of NMB: Clean Energy which stands at 100:75.

The joint operation of the merged banks will probably start from Shrawan, 2072.

The mergers will turn NMB into one of the largest banks in Nepal in terms of paid-up capital. Currently, NMB’s paid-up capital stands at Rs 2 billion while that of Prudential is Rs 483 million, Bhrikuti’s paid-up capital is Rs 423.78 million and Pathibhara has a paid-up capital of Rs 115 million and also, Clean Energy has a paid-up capital of Rs 1.14 billion.

Its total capital and reserve will build to Rs 6 billion. Similarly, total deposits and loans will increase to Rs 43.48 billion and Rs 34.64 billion respectively.

Due to the merger process the trading of shares of Clean Energy has been halted since December 1, 2014. Its last trading price stood at Rs 273 as on December 1, 2014.