Tinau Development Bank to endorse 18 % bonus share & 25% right share

Butwal-based Tinau Development Bank Limited (TNBL)  is going to hold its 9th AGM (Annual General Meeting) on Ashwin 18, 2072. AGM will be held at Butuwal Udhyog Banijya Sangh at 9 AM.

The main agendas of the AGM are:

•    The AGM is expected to endorse 18 % bonus share and 0.9473 % cash dividend  for tax purpose  as proposed by the BoD of the bank.

•    To increase authorized capital, issued capital and paid of capital.

•    To approve right shares in the ratio 4:1

•    To endorse the decision made by 6TH AGM  regarding merger

Other agendas of the AGM are the financial highlights of 2071/72, appointment of auditors,  to elect 4 BOD members from promoter shareholders and to endorse ditector,from public shareholder, appointed by BOD.- SSN

Purnima Bikas Bank Ltd proposed 23.27% bonus share

As per the press release published today, the 132nd BOD meeting held on Bhadra 24 of Purnima Bikas Bank Limited has proposed 23.27 percent bonus share and 1.23 percent cash dividend (tax purpose) to its shareholders from the net profit it earned in the last fiscal year 2071/72.

The decision is subjected to approval from the Nepal Rastra Bank and the Bank’s upcoming Annual General Meeting (AGM).

Last year, Purnima Bikas bank had distributed 23.75 percent bonus share to their shareholders.

In the fiscal year 2071/72, the development bank earned Rs 7.26 crore operating profit. Its authorized capital stood at Rs 20 crore, issued capital and paid up capital remains at Rs 16.36 crore.

Surya Life Insurance Company issuing 25% right share (4:1)

147th BOD Meeting of Surya Life Insurance Company Ltd (SLICL) has proposed issuance of Rights Shares in the proportion of 4:1  to their Shareholder. This right share offer is subject to the approval from its upcoming 7th Annual Genaral Meeting ,which is going to be held on Ashwin 22,2072. The AGM is for fiscal year 2070/71.

The company has a paid up capital of Rs 50 crore whereas after the issuance of 4:1 ratio right shares, its paid up capital will stand at Rs 62.5 crore.

SLICL  has posted net profit of Rs 1.70 crore in its 4th quarter of the last  fiscal year.

Its last trading price stands at Rs 750 as on September 10, 2015.-SSN

Upcoming Initial Public Offerings (IPOs)

Altogether 14 companies, including 4 hydropower have filed application at the Securities Board of Nepal (SEBON) seeking permission to issue their Initial Public Offering (IPO), which collectively stands at around Rs 3.05 arba.

The Hydroelectricity Investment and Development Company Limited, Khanikhola Hydropower Company Limited, Synergy Power Development Limited and Ngadi Groups Power Limited are the Hydropower companies which are going to issue IPO .

The Hydroelectricity Investment and Development Company Limited will be floating IPO worth Rs 2 arba. The issue manager for this issue will be Citizen Investment Trust. The company had applied for the IPO on Magh 22, 2071.

Similarly, Khanikhola Hydropower Company Limited is in the row to float the IPO worth Rs 4.65 crore to the local residents. Ngadi Groups Power limited and Synergy Power Development Limited , which will issue the IPO worth Rs 4.86 crore and Rs 7 crore respectively. Civil Capital Markets and NIBL Capital Markets are issue manager for the IPO respectively.

Another much-awaited IPO is that of Mero Microfinance Bittiya Sanstha Limited which is seeking to float the IPO worth Rs 6.12 crore. Global IME capital Limited will be managing its IPO.

Likewise, Samabridhi Bikas Bank is in the process to float the IPO worth Rs 3 crore and Growmore Merchant Banker will be managing its IPO. Nepal Industrial Development Corporation will be issuing worth Rs 18.41 crore.

Shikhar Insurance Company Limited will be issuing Further Public Offering (FPO) of 510,988 kittas at Rs 650 per kitta. -SSN

Century Commercial Bank Limited issuing 25% right shares (4:1)

ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+”, indicating below-average fundamentals to the proposed rights issue amounting NPR 530 million of Century Commercial Bank Limited (CCBL).

The process to issue right share of CCBL is on review in SEBON.

CCBL will be issuing right shares in the ratio 4:1. The paid up capital of the bank stands at 2.12 arba. After the issuance of 25 percent, the paid up capital will stand at Rs 2.65 arba.

As per unaudited report, CCBL has posted an impressive profit rise of 196.69 percent in the  fourth quarter of the last fiscal year 2071/72. It earned Rs 25.79 crore of net profit in the last fiscal year, up from Rs 8.69 crore in the corresponding period of the previous fiscal year 2070/71.

ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals. -SSN