Machhapuchchhre Bank to float 12% right shares from Shrawan 5; offer ends Bhadra 7

Machhapuchchhre Bank Limited (MBL) is going to issue 12% right shares to its shareholders from Shrawan 5, 2074. As per the notice published by the bank today, the rights issue will remain open for 35 days before closing on Bhadra 7, 2074.

MBL is issuing a total of 79,18,440 units right shares in the ratio 100:12. The book closure date for the rights issue was set for Jestha 16, 2074. Only those shareholders having shares one trading day ahead of the book closure date i.e. till Jestha 14, 2074 are eligible to apply for the right shares.

NMB Capital Limited has been assigned as the issue manager. Applicants can collects application forms from NMB Capital, Naxal, Kathmandu and from all branches of Machhapuchchhre Bank.

MBL’s paid up capital currently remains at Rs 6.59 arba. After this right share issuance, its paid up capital will reach Rs 7.39 arba. Its authorized capital is Rs 10 arba.

The bank has earned net profit of Rs 1 arba until the end of third quarter of FY 2073/74. As per NRB’s directive for all commercial banks to increase their paid up capital to a minimum of Rs 8 arba by the end of FY 2073/74, MBL has to issue a further capital hike of Rs 61 crore (around 8.25%).