March 6, 2020 | Investopaper
Tinau Mission Development Bank is going to convert 12.56 percent promoter shares to ordinary shares.
As per the directive of NRB, any BFIs can change the promoter shares to ordinary shares provided that the promoter shareholding remains at a minimum of 51 percent.
At current, Tinau Mission Development Bank has 63.56 percent promoter shares. Likewise, the public shareholders possess 36.44 percent shares of the company. Hence, the bank is planning to convert 12.56 percent promoter shares. After the conversion, the promoter public ratio will remain at 51:49.
If any current promoter shareholder doesn’t wish to convert the shares into ordinary shares, then he/she should submit such declaration form to the head office of the bank, Butwal or share registrar Siddhartha Capital Limited, Naxal, Kathmandu. The form should be submitted within the 35 days of the publication of the notice. He/she can download the declaration form from the bank’s website.
To see the full notice, CLICK HERE.