NIC Asia Bank has received preliminary approval from the Securities Board of Nepal (SEBON) to issue 50 percent right shares. The board approved the bank’s proposal at its meeting on Kartik 17.
Under the 1:0.50 ratio, the bank will issue 74,587,835 right shares at a face value of Rs 100 per share, raising approximately Rs 7.46 billion. Existing shareholders will be eligible to apply for one additional share for every two shares they hold.
NIMB Ace Capital has been appointed as the issue and sales manager. The bank will announce the issue date, book closure and application procedures after receiving SEBON’s formal approval letter.
