Mirmire Laghubitta Closing Issue of 1,23,816.45 Unit FPO Shares to General Public From Today

Mirmire Laghubitta Bittiya Sanstha Limited (MMFDB) is closing the issue of its 1,23,816.45 unit FPO shares at a par value of Rs. 100 from today i.e. 30th Ashwin, 2080. The issue opened on 25th Ashwin, 2080.

The current paid-up capital of the company is Rs. 65.33 crores of which 71% of shares or 4,639,019 units are of the promoter shareholders in the company while 29% or 1,894,810 units shares are of the public shareholders. According to the Banks and Financial Institutions Act of 2073 and the NRB, at least 30% of the issued capital should be retained by public shareholders in order for the company will be issuing 1,23,816.45 units of FPO shares to the general public. At present, the promoter: public share structure is a 71:29 ratio, which after this FPO will be a 70: 30 ratio.

The company intends to collect Rs 1.23 crore from this FPO.

Nepal SBI Merchant Banking Limited is appointed as the issue manager for the FPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 1000 units. The paid-up capital of the company will increase to Rs. 66.56 crores after the issuance of the mentioned FPO shares.

According to CDSC, 12,12,109 applications have applied for a total of 1,38,83,730 units. Thus, the issue has already been oversubscribed by 112.13 times as of 5 p.m. yesterday evening.

CARE Ratings Nepal Limited (CRNL) has given the rating of CARE-NP BB- (Is) to Mirmire Laghubitta Bittiya Sanstha Limited. Issuers with this rating are considered to offer a moderate risk of default regarding the timely servicing of financial obligations, in Nepal.