Multipurpose Finance To Float 35 Percent Right Share | Submits Application To SEBON

March 17, 2023 | Investopaper

Multipurpose Finance Limited (MPFL) is planning to issue right share to the shareholders. The company has submitted the application to Securities Board Of Nepal (SEBON) 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 had submitted an application to the Banking and Financial Institutions Regulation Department of Nepal Rastra Bank for the issuance of rights shares.

If approved by SEBON, the finance will sell 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.

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.

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