The Narayani Development Bank Limited (NABBC) has announced the date by which the rights issuance would be closed to new subscriptions. Rights offering applications will be accepted from shareholders whose accounts were in good standing before Mangsir 24.
It has already been approved by the SEBON regulatory board to issue the appropriate number of shares. To issue rights shares in a one-to-one ratio, the business had submitted an application to the Securities Board of Nepal. It was on Ashad 04 that the application was filed to the regulator. The company will now issue 13,12,338 shares.
The proposal to issue 1:2 right shares was approved during the company’s 19th Annual General Meeting, which was place on Magh 16, 2077. According to the plan, the right shares would be issued on a Rs. 13,12,33,800 paid-up capital base. As a result of the central bank’s letter of approval, dated Jestha 20, 2078, the development bank was given permission to issue the right shares only in a one to one ratio. When opposed to the company’s expectation of tripling paid-up capital, this will only double it.
The rights offering will be managed by Global IME Capital, which has been appointed as the issuer. Currently, the NABBC stock price is Rs. 856.70, which is the same as the previous day’s close.