Civil Bank, Civil Merchant & Axis' special AGMs on March 3; swap ratio: 1:0.79

Four months after signing a MoU for the merger, Civil Bank Limited, Civil Merchant Bittiya Sanstha and Axis Development Bank Limited have decided to hold their Special Annual General Meetings on March 3 to formally endorse their merger.

The swap ratio has been fixed at 1:0.79 for the commercial and the other two BFIs following DDA Report prepared by BRS Neupane and Company, according to separate notices issued by the three companies today.

Notbaly Nepal Stock Exchange Limited (NEPSE) has suspended the trading of shares of all three BFIs in the merger process in October.

Civil Bank and Civil Merchant Bittiya Sanstha are owned by the Civil Group while Axis Development Bank was formed following the merger of Pashupati Development Bank and Udyam Development Bank.

Civil Bank has a paid-up capital of Rs 2 arba, reserve and surplus of Rs 15.3 crore. It had posted a net profit of Rs 12.12 crore in the last fiscal year, and its EPS stands at 7.56 and has a net worth 107.65.

Axis Development Bank has a paid-up capital of Rs 71.81 crore, reserve and surplus of Rs 9.42 crore, and it earned a net profit of Rs 2.03 crore. Its EPS stands at Rs 2.84 and it has a net worth of 113.13.

Similarly, Civil Merchant Bittiya Sanstha has a paid-up capital of Rs 16.65 crore, reserve and surplus of Rs 3.17 crore. It had posted a net profit of Rs 1.32 crore in the last fiscal year, and its EPS stands at 7.98 and has a net worth 119.16.-SSN