November 15, 2021 | Investopaper
Excel Development Bank Limited (EDBL) is currently issuing the right shares to the shareholders. The right issue is open from Ashwin 25, 2078 BS. The issue was set to close on Karthik 14, 2078 BS. However, due to the under-subscription of the shares, the company has extended the deadline for application for the right share. Interested shareholders can apply for the shares until Karthik 29, 2078 BS.
The company plans to sell the right shares in the ratio of 10:3. This means that the shareholder with 100 shares can apply for the 30 right shares.
For the right offering, the company had closed the shareholders’ registration book on Ashwin 1, 2078 BS. Therefore, the shareholders holding/purchasing the shares of EDBL until Bhadra 31, 2078 BS are eligible to purchase the right shares.
For this, the company had received approval from the regulatory body SEBON. Securities Board of Nepal (SEBON) provided the approval for the right issuance on Shrawan 31, 2078 BS. The development bank had submitted the application to SEBON on Jestha 27, 2078 BS.
The company will issue 24.33 lakh right shares at a par value of Rs 100. Hence, the total right issue amounts to Rs 24.33 crores.
For the purpose of the right offering, the bank has appointed NIBL Ace Capital as the issue and sales manager.