Infinity Laghubitta Acquires Nepal Agro Laghubitta | Joint Operation From Bhadra 4
August 20, 2021 | Investopaper
Infinity Laghubitta Bittiya Sanstha Limited (ILBS) has successfully acquired Nepal Agro Laghubitta Bittiya Sanstha Limited (NAGRO). Both the companies will start the joint transaction in the name of ‘Infinity Laghubitta Bittiya Sanstha Limited’ from Bhadra 4, 2078 BS.
The approved share swap ratio after the Due Diligence Audit (DDA) is 1:0.98. This means that every 100 shares of Nepal Agro Laghubitta will convert into 98 shares of Infinity Laghubitta after the completion of the acquisition.
The special general meeting (SGM) of both the companies held separately on July 5, 2021 [Ashad 21, 2078 BS] has already provided the approval for the acquisition.
Nepal Rastra Bank provided the approval for the acquisition on May 25, 2021 [Jestha 11, 2078 BS]. Similarly, the acquisition received the approval from Office Of Company’s Registrar on August 6, 2021 [Shrawan 22, 2078 BS]
Both the companies had signed an initial Memorandum of Understanding (MOU) for the acquisition on February 8, 2021 [Magh 26, 2077].
After the acquistion, the paid-up capital of the newly formed microfinance will reach Rs 32.59 crores.
The trading of shares of Nepal Agro Laghubitta is suspended in Nepse since the acquisition agreement.
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About Infinity Laghubitta
Infinity Laghubitta Bittiya Sanstha Limited is a national level ‘D’ class financial institution of Nepal licensed by Nepal Rastra Bank. It started its microfinance operation on January 20, 2017. The head office is located at Gaidakot, Nawalparasi.
As of Poush end 2077 BS, Infinity Laghubitta has a paid-up capital of Rs 26 crores. The microfinance has floated Rs 3.03 Arba as loans and advances. [As per the unaudited second quarterly report, FY 2077/78].
About Nepal Agro Laghubitta
Nepal Agro Laghubitta Bittiya Sanstha Limited is a ‘D’ class financial institution licensed by Nepal Rastra Bank. It was established on April 19, 2016. It started the microfinance operation on September 20, 2016. The central office is located at Pokhara, Kaski. It has a working area of 4-10 districts covering Kaski, Parbat, Baglung, Gulmi, Palpa, Salyan, Pyuthan, Rolpa, Tanahu, and Lamjung.
As of Poush end 2077 BS, Nepal Agro Laghubitta has a paid-up capital of Rs 5.72 crores. It has a total loan portfolio of Rs 88.39 crores. [Based on the unaudited second quarterly report, FY 2077/78].
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