Triveni Bikas Bank got approval from SEBON to issue 50% Right Share

Securities Board of Nepal (SEBON) has given final approval to issue 2:1 (50%) right shares of Triveni Bikas Bank Limited (TBBL). Ace Capital Limited has been assigned as the issue manager for right share issue. The development bank’s 12^th AGM held on Poush 27, 2072 had approved 50% right share i.e.  4,100,076.42 units shares to its existing shareholders. TBBL had earned net profit of Rs. 19.25 crore in the fourth quarter of the last fiscal year. The paid up capital of the development bank stands at Rs 82 crore. After the issuance of 50 percent right share, the paid up capital will reach to Rs 1.23 arba. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed right issue. Its last traded price stood at Rs 545 as on September 12, 2016.