Nepal Bangladesh Bank has written to Bangladesh-based IFIC Bank
asking it to submit the amount it owes to NB Bank on the purchase of
promoters shares by 21 August.
The NB Bank extended the deadline by one month after IFIC sought more time to send the money. Earlier, IFIC had been given three months to submit the money.
In order to increase its stake in Nepal Bangladesh Bank to 51 percent, from existing 9.18 percent, IFIC had announced to purchase the shares of NB Bank owned by Bank Asia Bangladesh and NB Group and people associated with the group.
Bank Asia Bangladesh has 26,67,500 unit shares (13.77) in Nepal Bangladesh Bank, where as NB Group and people associated with the group own 38,03,434 unit shares in the company.
An official with NB Bank said that IFIC will buy only the 29 lakh unit shares owned by NB Group and associates in the first phase.
IFIC had agreed to pay Rs 220 per share. Bank Asia Bangladesh is set to receive Rs 695,350,000 and NB Group and associated people will get Rs 988,892,000 from the sale of the shares.
But NB group promoters stand to gain nothing from the sale. NB Group had pledged the shares of Bangladesh Bank with different banks to take out loans. Since the loans taken by NB group exceed the total cost of its shares, NB promoters would not get even a penny from the sale of the shares.
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