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Bank's Board Fixes Quantum and Ratio of the Rights Issue



Bank's Board Fixes Quantum and Ratio of the Rights Issue within the Cap Fixed and the Authority Delegated by the 22nd AGM: Issuance of Right Shares in the Ratio of 4 shares for every 10 Shares Held (i.e., 10:4)
 
The 400th  meeting of the Board of Directors of Nepal SBI Bank Ltd. held on 28th November 2016 (in the late evening) has resolved to approve issuance of right shares amounting to Rs. 1,99,19,42,360.00, which will be in the ratio of 4 shares for every 10 shares held (i.e. 10:4). The ratio of the rights has been derived by the Board out of the Paid-up Capital to be maintained after allotment of 67,767.87 shares being sold through FPO and issuance of 28% bonus shares already proposed by the Board to the forthcoming Annual General Meeting (AGM) subject to the approval of Nepal Rastra Bank (NRB) out the distributable funds for Fiscal Year 2072/73 (2015/16). The quantum and ratio of the rights issue thus approved by the Board is well within the cap of Rs. 260 crore fixed by the 22nd AGM held on 24th Magh 2072 B.S. (7th February 2016) and the powers delegated to the Board by the said AGM. 
The Bank has decided to come out with the rights issue as part of implementation of its Capital Plan formulated in the year 2072 B.S. so as to gradually augment the Bank's Paid-up Capital to Rs. 800 crore well within the timeline fixed by NRB, i.e., on or before End of Ashad, 2074 B.S.

<<Click here to download the Press Release (Nepali version)>>

<<Click here to download the Press Release (English version)>>

Nepal SBI Bank Ltd. is the first Indo-Nepal joint-venture bank promoted by State Bank of India and Employees Provident Fund (EPF).
The Bank is rendering its services through 73 business outlets (including 3 Regional Offices once each in Biratnagar, Nepalgunj and Kathmandu) and 678 dedicated team of staff. The Bank has total 86 ATMs in different parts of the country.


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