Nepal Infrastructure Bank (NIFRA) Reduces Dividend and Proposes Bonus Shares in Place of Cash Payments
It has been decided to alter the dividend proposal of Nepal Infrastructure Bank Limited (NIFRA).
The corporation had earlier requested an 8.5 percent cash dividend for the fiscal year 2077/78, which was approved by the shareholders. The board of directors had decided to distribute the cash dividend from the company’s paid-up capital of Rs. 20 Arba at their meeting on Ashwin 04, which had taken place the previous day.
Nevertheless, the Nepal Rastra Bank ordered the company to alter its dividend proposal because it did not comply with the central bank’s mandate on dividend distribution at the time of publication. As a result, NIFRA has recommended an 8 percent bonus share worth Rs. 1.60 Arba and a cash dividend for tax purposes of slightly more than Rs. 8.42 crores, for a total of Rs. 1.60 Arba and Rs. 1.60 Arba.
As of this writing, NIFRA’s LTP is at Rs. 344.