Trading of Triveni Bikas Bank, Bright Dev. Bank and Public Dev. Bank halted for merger

Triveni Bikas Bank, Bright Development Bank and Public Development Bank’s scrip halted for trading from today. The three development banks signed the Memorandum of understanding (MoU) yesterday to start the merger process.

The MoU was signed by Lanka Bahadur K.C. - Chairman of Triveni Bikas Bank, Madan Prasad Adhikari - Chairman of Public Development Bank and Bhej Prasad Timilsina - Chairman of Bright Development Bank Ltd.

According to Bhej Prasad Timilsina, Chairman of Bright Development Bank Limited the merged entity will be named Triveni Bikas Bank Limited.

He further stated that the swap ratio will be decided once the Due Diligence Audit (DDA) is completed and he also mentioned that they intend to complete the merger process within six months to the max.

Ridi hydropower’s IPO to debut on July 4 at Rs 338

Ridi Hydropower Development Company Limited has signed the listing agreement with Nepal Stock Exchange Limited today. It means that it will debut at the trading floor on July 4.
 
Ridi’s company secretary Alok KC said that though the company planned to finished distributing most of the certificates within by June 6, the certificate distribution took longer than they expected. The Ridi’s primary scrip is expected to debut at Rs 338 per share though the opening price brand is Rs 101.87 to Rs 305.10.

Executive Director of the company Guru Prasad Neupane claimed that there is high demand for Ridi’s share in that the company is expected to make a net profit of Rs 6.5 crore in the current fiscal year itself, which can entail a bonus share of 10 percent.

Laxmi Laghubitta IPO oversubscribed by over ten times in two days

The Initial Public Offering (IPO) worth Rs 3 crore floated by Laxmi Laghubitta Bittiya Sanstha Limited on June 24 has drawn more than 29 crores in just first two days.

According to Nabil Investment Banking Limited which is managing the issue, the IPO drew more than 18 crore in the first day itself, and more than Rs 11 crore has been collected at its office by the second day yesterday.“We are still collecting the applications filed the second day from the collection centers,” Nabil Investment’s CEO Pravin Raman Parajuli told. It means that the figures will rise further.

The microfinance institution based in Kathmandu has stated that out of the 3 lakh primary shares being floated at a face value of Rs 100, altogether 15,000 units have been set aside for the mutual funds and 9,000 units for its staff.

The issue would close on June 27, or by July 8 at the latest.Laxmi Laghubitta has an authorized capital of Rs 10 crore, issued capital of Rs 10 crore, and the paid-up of Rs 7 crore.Following the IPO, its paid-up capital will also rise to Rs 10 crore.

The class ‘D’ financial institution, which has been in operation since for the last three years, has a reserve profit of Rs 3.85 crore by the end of the last fiscal year, and projected figure of Rs 24.90 crore by the end of the current fiscal year. Its EPS stood at 0.29, which is expected to grow to 2.63 by the end of the current fiscal and up to 20.52 by the fiscal year 2072/73.

12.6% dividend of Jyoti Bikas Bank, AGM on July 16, 2014

Six long months after its Board of Directors decided to pledged 12.60 percent, including 7 percent bonus shares, to its shareholders from the net profit it posted in the last fiscal year 2069/70, Jyoti Bikas Bank Limited has finally announced its Annual General Meeting.

Issuing a notice today, the development bank based in Kathmandu has also announced the book closure from July 2 for its sixth AGM to be held at the Tribhuwan Army Club.

The 157th BOD meeting of the development bank had pledged the dividend back in January second week.

According to Jyoti’s company secretary Madan Mahat, the central bank took a long time to approve the final balance sheet of the bank, citing some technical aspects of a project being funded by the bank.

Last week they had taken some central bank officials to the site of Jiri Khola Sana Hydropower project to show that the problem has been resolved.

The national level development bank, which was established with the aim of financing hydropower and infrastructure, has invested Rs 23 crore in Jiri Khola Sano Hydropower.

Jyoti Bikash Bank had posted a net profit of Rs 7.26 crore in the last fiscal year 2069/70.-SSN

4:1 Right Shares of Purnima Bikas Bank Limited

The recently concluded special general meeting of Purnima Bikas Bank Limited has endorsed 4:1 right shares to the shareholders.

The special general meeting of the class ‘B’ development bank, which covers three districts, held in Bhairahawa on Saturday had endorsed the special proposal tabled following the decision of the bank’s Board of Directors to pledge the right shares to shore up the paid-up capital.

During the special event, chairman of the development bank Raju Narayan Shrestha informed that they have mobilized Rs 1.45 arba in deposit and Rs 1 arba in loan by Jestha end, according to a press release issued by the bank.

Purnima has been doing a good business over the years and had offered 10 percent bonus shares to the shareholders from around 125 percent net profit growth it posted in the last fiscal year 2069/70.-SSN