Kumari Bank 20% right share to commence from 28th Baisakh; Capital to reach 7.15 arba thereafter

Kumari Bank has published an offer letter stating the commencing date for 10:2 right issue. As per the letter, the right issue will commence from 28th Baisakh and end on 31st Jestha, 2075. 

The company will issue 1,19,38,991.65 unit right shares at a face value of Rs 100. Kumari Bank had set 10th Baisakh, 2075 as the book closing day for the stated purpose. Shareholders having the shares at the time of bookclose will be eligible for the right

NIBL ACE Capital has been appointed as the issue manager for the issue. ICRA Nepal has assigned 4+ rating to the proposed issue. 

Kumari Bank has a paid up capital of Rs 5.96 arba and has  Rs 2.59 arba in the reserve. The issuance of 20% right shares will hike the companys' capital to Rs 7.15 arba. KBL further needs (around 11.87%) Rs 85 crores to meet the capital requirement of Rs 8 arba.