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5 BFIs to Float Right Shares

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5 BFIs to Float Right Shares
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February 17: Five banks and financial institutions (BFIs) are preparing to float right shares after obtaining approvals from their annual general meeting and securities board of Nepal (SEBON). The companies include Kailash Bikash Bank, Varghav Bikash Bank, Deprosc Laghubitta Bikash Bank, Kumari Bank and Nerude Laghubitta Bikash Bank.

Among the companies, Kailash Bikash Bank is issuing 5:1 right shares to its existing shareholders. The bank is issuing 3,160,672 units of right shares worth Rs 316 million. It has set the time limit till March 23 for the application. Global IME Capital will be managing the issue as Issue Manager for the bank.

Similarly, Varghav Bikash Bank is opening 1.2 million units of right share issue worth Rs 120 million from March 7. The issue which is being floated in 1:1 ratio will be managed by NMB Capital.

Likewise, Deprosc Laghubitta Bikash Bank has also obtained approval for its right share issuance. The bank is issuing 1:1 right shares to its existing shareholders. It is issuing a total of 2579238.45 units of right shares worth Rs 257,923,845. It has appointed Nabil Investment Banking as its Issue Manager; however, the date of issuance has not been fixed.

Moreover, SEBON has granted approval of issuing 2:1 right shares to Kumari Bank. The bank is issuing 13,495,832.66 units of right shares worth Rs 1.34 billion. It has appointed Siddhartha Capital as its Issue Manager and the date of issuance has not been fixed. Meanwhile, the bank informed of floating the right shares very soon as it has already obtained approval from SEBON.

Furthermore, Nerude Laghubitta Bikash Bank has been given approval of issuing 2:1 right shares by SEBON. The bank obtained approval for issuing 900,000 units of right shares worth Rs 90 million. NCM Merchant Banking will be managing the issue. The date of issue has not been fixed yet.

Apart from these companies, Neco Insurance and Dev Bikash Bank have already opened their right share issuance. Existing shareholders of Neco Insurance and Dev Bikash Bank can apply for the shares till March 20 and February 26 respectively.

  

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