NIC Asia Bank Approves Rights Share Issue at 28th Annual General Meeting
NIC Asia Bank Limited has approved a rights share issuance in a 2:1 ratio during its 28th Annual General Meeting.
NIC Asia Bank Limited successfully concluded its 28th Annual General Meeting (AGM) on Monday at the Army Officers' Club in Bhadrakali, Kathmandu.
The AGM approved the Board of Directors’ report, auditor’s report, balance sheet, profit and loss account, cash flow statement, and other financial statements for the fiscal year 2081/82.
One of the key decisions of the meeting was the approval of a rights share issuance in the ratio of 2:1, subject to regulatory approvals from the concerned authorities. Under the proposal, shareholders will be entitled to purchase one additional share for every two shares currently held.
The meeting also endorsed several other agenda items presented by the Board of Directors.
In addition, shareholders unanimously elected Ashok Kumar Agrawal, Ramchandra Sanghai, and Jayant Kumar Agrawal as directors representing the founder shareholders. Likewise, Aditya Kumar Agrawal, Keshav Prasad Lamsal, and Anupa Pradhan Rajbhandari were elected unopposed as directors representing the general public shareholders.
The approval of the rights issue is expected to strengthen the bank’s capital base and support future business expansion plans.