Tinau Development Bank to float 4:1 right shares from August 15

ShareSansar, July 23:

Tinau Development Bank Limited has decided to float 3.22 lakh units of its 4:1 right share from August 15 at a face value of Rs 100.

Issuing the offer letter for the same today, the development bank headquartered in Butwal has stated that the issue will close on September 18.

It has further stated that after this right issue, the company’s paid-up capital will rise from the existing Rs 12.80 crore to Rs 16.10 crore.

It may be noted that Tinau has already announced the book closure for the right issue from July 30.

Citizen Investment Trust is the issue manager.