Securities Board of Nepal (SEBON) has given final approval to issue 4:1 (25%) right shares of Gandaki Bikas Bank Limited (GDBL).
Prabhu Capital Limited has been assigned as the issue manager for right share issue.
GDBL will be issuing 46,09,815.50 units shares worth Rs 46.09 crore at the face value of Rs 100 each to be issued to the existing shareholders at par.
ICRA Nepal Limited has assigned IPO Grade 3 rating to the upcoming 25% right share of Gandaki Bikas Bank Limited (GDBL), indicating average fundamentals.
Gandaki Bikas Bank, after merger with Fewa Bikas Bank, has earned net profit of Rs 5.39 crore in the first quarter current FY 2074/75. Its current paid-up capital stands at Rs 1.84 arba and after issuing 25% right shares, its paid-up capital will reach Rs 2.30 arba. As per NRB’s directive for national-level development banks, GDBL should increase its paid-up capital to Rs 2.50 arba. Thus it should further hike its capital by Rs 20 crore (around 8.69%).