Trading of Prabhu Bank to resume from Falgun end at the earliest; Joint Operation from first week of Falgun

It was in Magh 15, 2071 when Prabhu Bank signed an agreement to acquire Grand Bank. Later, the acquisition process was converted into merger process after being directed by the Nepal Rastra Bank (NRB). Almost after a year, the merger process between Prabhu Bank and Grand bank has got the final approval from Nepal Rastra Bank. As per the company secretary of Prabhu Bank Mr. Amit Bhandari, the joint operation between Prabhu bank and Grand bank will start from the first week of Falgun. The trading of the scrips of the Prabhu Bank in Nepal Stock Exchange can only start by the end of Falgun or can also reach to the month of Chaitra, he added. The swap ratio for the merger, which had been fixed in 121.45:65.58 means the shareholders holding 100 units of Prabhu Bank shares will get  21.45 shares in premium, and the shareholders holding 100 units of Grand Bank will get 65.58 shares of Prabhu Bank. Prabhu Bank will be also be issuing a total 64, 17,770 unit right shares at the face value of Rs 100. Prabhu Bank Limited (PRVU) has called on its existing shareholders to start apply for 10:2 (20%) right shares from Falgun 16. According to the notice published by the development bank today, the rights issue will remain open for 35 days before closing on Chaitra 21, 2072. Prabhu Bank has earned net profit of Rs. 26.17 crore in the first quarter of the fiscal year 2072/73.