FDI Based Maruti Cements Limited to Convert Preference Shares to Ordinary Shares and Issue IPO At Premium; Calls AGM on Kartik 21
Tue, Oct 17, 2023 5:16 PM on Latest, Dividend, Bonus & Rights, IPO/FPO News, AGM/Special AGM,
Maruti Cements Limited has officially announced its 29th Annual General Meeting (AGM), scheduled to take place on the 21st of Kartik, 2080. The meeting will be held at the company's headquarters in Biratnagar and is set to commence at 11:30 AM.
At the forefront of the AGM agenda is the company's plan to distribute a 10% cash dividend, which includes applicable taxes, to its preferential shareholders. The source of this distribution will be the profits and accumulated profits generated during the fiscal year 2079/080. The company will also endorse to give bonus share to its shareholders as proposed by the Board of Directors, the same percentage is not mentioned in the notice.
Secondly, the AGM will deliberate on the conversion of the company's existing preference shares into ordinary shares. This proposal has been put forth by the board of directors and is contingent upon the profits and accumulated profits of the year 2079/80. As it stands, the company currently possesses 30,00,000 (Thirty Lakh) Preference Shares or Rs 100 each.
Additionally, the company aims to issue rights to the paid-up capital that remains after the adjustment of the bonus shares and the preference share conversion process. Following this, Maruti Cements Limited has expressed its intention to proceed with the process of issuing an Initial Public Offering (IPO) at a premium.
Maruti Cements Limited has an annual installed capacity of 0.456 million metric tons, contributing to a noteworthy 3.042% of the national installed capacity. It's worth mentioning that Gravity Sales Pvt. Ltd., an Indian-based company, owns a substantial 21% stake in the company. The enterprise is managed by industrialists and trading sectors of Nepal, affiliated with the Rathi group and Goyal group of companies, and all the shares are in the hands of the promoters. Notably, Mr. Nand Kishore Rathi serves as the Chairman of the company and is a prominent figure with ties to NMB Bank and Kumari Bank.
