Rural and Microfinance Development Corporation (RMDC) is going to
issue its Initial Public Offering on Asar 27. SEBON had granted
permission to RMDC for issuing 1,528,800 units shares on Asar 13.
RMDC has proposed an Initial Public Offer of 1,528,800 numbers of equity shares of face value NRs 100 each with a premium of NRs 80 per share for the general public, and 31,200 numbers of equity shares of NRs 100 each for its employees i.e.2% of the overall issue.
ICRA Nepal has assigned an IPO Grade 3+ to the proposed initial public offering (IPO) of Rural Microfinance Development Centre Limited (RMDC), indicating the company’s average fundamentals.
Ace Capital Limited will be the issue manager for this IPO.
As per the rule, 5% quota is provided to the mutual fund companies in the IPO. A source at RMDC has confirmed that mutual fund companies, Nabil Investment Banking Ltd. And Siddhartha Capital Limited, have already deposited money on behalf of the allotted IPO shares to the RMDC under closed-end schemes.
Who can apply for RMDC share?
Since the cross holdings rule set by Nepal Rastra Bank won’t apply on microfinance institutions like RMDC, even the financial intuitions like banks, development banks, and finance companies are eligible to apply.
As insurance companies, mutual funds, investment companies as well as general public had been eagerly awaiting the IPO, there is little doubt that RMDC shares would get a huge response from the market.
Rural Microfinance Development Centre Limited (RMDC) is promoted by institutional promoters with Nepal Rastra Bank having 6.58% stake, 13 Class A Commercial Banks (Nepal Bank, RBB, Nabil, NIB, SCB, HBL, NSBI, NCC, BOK, NBB, EBL, Lumbini, NIC) 90.57%, 5 Class D Microfinance Institution (Grameen Bikas Bank) 2.42%, Deposit Insurance and Credit Guarantee Corporation (DICGC) 0.43% and Nirdhan Utthan Bikas Bank 0.34%.
The paid up capital of RMDC was Rs 320 Million as on 15th July 2012 and reached to NRs 364 million by end of third quarter (15th April 2013) after injection of NRs 14 million (with premium of NRs 25.48 million) and NRs 30 million (with premium of NRs 24 million) by Siddhartha Bank Ltd and International Finance Corporation respectively. RMDC, the wholesale lender for microfinance institutions, had sold 300,000 units of shares worth Rs 30 million face value at Rs 180 per unit to International Finance Corporation (IFC) — a private sector lending window of the World Bank Group — recently. Siddhartha Bank had also bought 140,000 unit shares at a premium at various rates of up to Rs 315 per unit.
RMDC is engaged in the business of providing microfinance access to rural poor households, especially to women via wholesale lending to MFIs like rural development banks, microfinance development banks, rural cooperatives and NGO financial intermediaries and operates in all districts of Nepal.
BOD Composition:
Financial Highlights
RMDC has proposed an Initial Public Offer of 1,528,800 numbers of equity shares of face value NRs 100 each with a premium of NRs 80 per share for the general public, and 31,200 numbers of equity shares of NRs 100 each for its employees i.e.2% of the overall issue.
ICRA Nepal has assigned an IPO Grade 3+ to the proposed initial public offering (IPO) of Rural Microfinance Development Centre Limited (RMDC), indicating the company’s average fundamentals.
Ace Capital Limited will be the issue manager for this IPO.
As per the rule, 5% quota is provided to the mutual fund companies in the IPO. A source at RMDC has confirmed that mutual fund companies, Nabil Investment Banking Ltd. And Siddhartha Capital Limited, have already deposited money on behalf of the allotted IPO shares to the RMDC under closed-end schemes.
Who can apply for RMDC share?
Since the cross holdings rule set by Nepal Rastra Bank won’t apply on microfinance institutions like RMDC, even the financial intuitions like banks, development banks, and finance companies are eligible to apply.
As insurance companies, mutual funds, investment companies as well as general public had been eagerly awaiting the IPO, there is little doubt that RMDC shares would get a huge response from the market.
Rural Microfinance Development Centre Limited (RMDC) is promoted by institutional promoters with Nepal Rastra Bank having 6.58% stake, 13 Class A Commercial Banks (Nepal Bank, RBB, Nabil, NIB, SCB, HBL, NSBI, NCC, BOK, NBB, EBL, Lumbini, NIC) 90.57%, 5 Class D Microfinance Institution (Grameen Bikas Bank) 2.42%, Deposit Insurance and Credit Guarantee Corporation (DICGC) 0.43% and Nirdhan Utthan Bikas Bank 0.34%.
The paid up capital of RMDC was Rs 320 Million as on 15th July 2012 and reached to NRs 364 million by end of third quarter (15th April 2013) after injection of NRs 14 million (with premium of NRs 25.48 million) and NRs 30 million (with premium of NRs 24 million) by Siddhartha Bank Ltd and International Finance Corporation respectively. RMDC, the wholesale lender for microfinance institutions, had sold 300,000 units of shares worth Rs 30 million face value at Rs 180 per unit to International Finance Corporation (IFC) — a private sector lending window of the World Bank Group — recently. Siddhartha Bank had also bought 140,000 unit shares at a premium at various rates of up to Rs 315 per unit.
RMDC is engaged in the business of providing microfinance access to rural poor households, especially to women via wholesale lending to MFIs like rural development banks, microfinance development banks, rural cooperatives and NGO financial intermediaries and operates in all districts of Nepal.
BOD Composition:
| Mr. Ashoke SJB Rana | Chairperson | Representing Himalayan Bank |
| Mr. Manmohan Kumar Shrestha | Director | Representing Nepal Rastra Bank |
| Mr. Anil Kumar Shrestha | Director | Representing Standard Chartered Bank |
| Mr. Rajan Kumar Amatya | Director | Representing Nepal Investment Bank |
| Mr. Kiran Kumar Shrestha | Director | Representing Nepal Bank Limited |
| Mr. Anil Kumar Khanal | Director | Representing Nabil Bank Limited |
| Ms. Sadhana Upadhyay | Director | Independent Director |
Financial Highlights
| as of July 15, 2012 | |
| Share Capital (Rs.) |
320,000,000.00
|
| Reserve (Rs.) |
699,788,615.27
|
| Borrowings (Rs.) |
2,555,161,884.58
|
| Investment (Rs.) |
1,402,865,408.00
|
| Loan and Advances (Rs.) |
1,829,257,152.00
|
| Net Interest Income (Rs.) |
259,186,444.44
|
| Operating Profit (Rs.) |
200,659,161.55
|
| Net Profit (Rs.) |
136,519,945.08
|
| Non-Performing Assets |
Nil
|
| Loan Repayment Rate |
100%
|
| Yield on Loan Portfolio |
9%
|
| Return on Equity |
14%
|
| Return on Assets |
4%
|
| Capital Adequacy |
32%
|
| No. of MFI Staffs trained |
16541
|
| No. of MFI Clients trained Source : sharesansar |
580230
|
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