Final Day to Apply for Narayani Development Bank’s 100% Rights Shares (NABBC)

Narayani Development Bank Limited (NABBC) has announced that today, October 26 (Kartik 9), is the final day to apply for its 100% rights shares. The bank had opened the issuance and sale of the rights shares on September 18 (Asoj 2).

The bank is issuing 2,624,676 units of rights shares at a par value of NPR 100 per share, totaling NPR 262.46 million, in the ratio of 1:1 (one new share for every existing share). The book closure for the rights issue was done on August 25 (Bhadra 9), meaning shareholders who held shares till August 24 (Bhadra 8) are eligible to apply.

According to the credit rating by ICRA Nepal, the bank has been assigned a rating of ICRANP-IR C+, indicating a high risk regarding timely debt servicing.

Global IME Capital Limited is the issue and sales manager for the rights shares. Interested investors can apply through Global IME Capital, Global IME Bank’s Bhumi branch (Nawalparasi), Narayani Development Bank’s central office, and branches at Yagyapuri, Tandi, Parsa, and Narayangadh. Additionally, investors can apply online via the Meroshare platform through C-ASBA member banks and financial institutions.

At present, the bank’s paid-up capital stands at NPR 262.46 million, which will increase to NPR 524.93 million after the completion of the rights issue. The raised capital will be used to invest in securities, government bonds, mutual funds, and for physical infrastructure development and branch expansion.