Narayani Development Bank Extends Application Deadline for 100% Rights Issue

Narayani Development Bank Limited (NABBC) has extended the application period for its 100% rights issue until Kartik 9, 2082 BS, providing shareholders additional time to subscribe. The issue was initially opened on Asoj 2.

The bank is offering rights shares in a 1:1 ratio, allowing existing shareholders to apply for one new share for every share held. In total, NABBC is issuing 2,624,676 units of rights shares at a par value of NPR 100 per share, amounting to NPR 262.46 million.

For this purpose, the bank had set its book closure date on Bhadra 9, meaning shareholders recorded on or before Bhadra 8 are eligible to apply.

ICRA Nepal has assigned the bank an Issuer Rating of [ICRANP Issuer Rating] C+, indicating high credit risk and limited capacity to meet financial obligations on time.

Global IME Capital Limited is managing the rights issue. Interested investors can submit applications through Global IME Capital, Global IME Bank’s Bhumehi (Nawalparasi) branch, Narayani Development Bank’s central office, or its Yagyapuri, Tandi, Parsa, and Narayangadh branches.

Additionally, applications can be submitted online via the “Mero Share” platform or through participating ASBA member banks and financial institutions approved by the Securities Board of Nepal (SEBON).

Currently, the bank’s paid-up capital stands at NPR 262.46 million, which will double to NPR 524.93 million after the rights issue is fully allotted.

According to the bank, funds raised from the rights issue will be utilized for investments in securities, government bonds, mutual funds, and to expand its branch network and physical infrastructure.