SEBON approves 20% right issue of Kumari Bank; Paid up capital to reach 7.15 arba

Securities Board of Nepal (Sebon) has approved 20% right issue of Kumari Bank today. 

The company can now issue 1,19,38,991.65 unit shares at a face value of Rs 100. 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.