Multipurpose Finance Closing 35 Percent Right Issue From Today

September 17, 2023 | Investopaper

Multipurpose Finance Limited (MPFL) is currently issuing the right share to the shareholders from Bhadra 10, 2080 BS. The finance is selling the right share in the ratio 1:0.35. This means that each shareholder with 100 shares can apply for 35 right shares at a par value of Rs 100.

The right offering will close on Bhadra 31, 2080 BS.

For this purpose, the company had announced the book closure date on Shrawan 12, 2080 BS. Hence, the investors purchasing the shares of MPFL until Shrawan 11 will be eligible to apply for the right shares.

Securities Board Of Nepal (SEBON) has given the approval to the company on Ashad 26, 2080 BS for the right issuance. The company had submitted the application to the board on Falgun 29, 2079 BS seeking permission to float the right shares.

Only after the approval from the regulatory body SEBON, the company can sell the shares to the general public.

Nepal Rastra Bank (NRB) has already provided the approval to the company for the right offering. The meeting of the Board of Directors of the finance held on Ashwin 3, 2079 BS had submitted an application to the Banking and Financial Institutions Regulation Department of Nepal Rastra Bank for the issuance of rights shares.

As of Ashad’s end 2079 BS, Multipurpose Finance has a paid-up capital of Rs 45.20 crores. At this capital, MFIL will issue 15.82 lakh units right shares that amounts to Rs 15.82 crores. After the issue of the right, the capital will rise to Rs 61.02 crores.

Muktinath Capital is the issue manger for the right offering.

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