Laxmi Sunrise Bank Proposes 7.37% Dividend for Fiscal Year 2079/80 After LBL-SRBL Merger

Laxmi Sunrise Bank Limited (LSL) has proposed a dividend of 7.37% for the fiscal year 2079/80. This proposal was put forward during the 283rd board meeting held on December 12, 2023. The dividend is calculated based on the company’s paid-up capital, which currently stands at Rs. 21.67 Arba. The proposed dividend includes 7% bonus shares amounting to 15,169,166.50 Units and a 0.37% cash dividend, inclusive of tax, totaling Rs. 79,837,718.

However, the final approval of this decision rests with the Nepal Rastra Bank, and subsequent endorsement is required during the Annual General Meeting (AGM) of the company.

It is noteworthy that Laxmi Bank Limited (LBL) and Sunrise Bank Limited (SRBL), both licensed financial institutions under category “A” from Nepal Rastra Bank (NRB), successfully completed their merger at a share swap ratio of 1:1. The paid-up capital of LBL was Rs. 11.55 Arba, and SRBL had a paid-up capital of Rs. 10.11 Arba. The merger resulted in a combined paid-up capital of Rs. 21.67 Arba.

The newly formed entity resulting from the merger is named “Laxmi Sunrise Bank Limited,” and it commenced its integrated business operations from Ashad 29.