ICRA Nepal grade 4+ to upcoming 30% right issue to Gandaki Bikas Bank

ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+”, indicating below-average fundamentals to the proposed rights issue amounting NPR 105.60million of Gandaki Bikas Bank Limited(GDBL). The process to issue right share of GDBL is on review in SEBON. GDBL will be issuing right shares in the ratio 10:3. GDBL is proposing to come out with 30% rights issue of 1,056,000 numbers of equity shares of face value NPR 100/-each to be issued to the existing shareholders at par. GDBL has earned a net profit of Rs 20.14 crore in the first quarter of the ongoing fiscal of the ongoing fiscal year. ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals.