Nepal Agro Laghubitta (NAGRO) Calls AGM to Endorse 14% Bonus Shares; Infinity Laghubitta (ILBS) Calls SGM to Endorse Swap Ratio
Mon, Jun 14, 2021 1:06 PM on Latest, AGM/Special AGM, Merger/Acquistion,
Nepal Agro Laghubitta Bittiya Sanstha Limited (NAGRO) has called its 5th AGM on 21st Ashar, 2078. Infinity Laghubitta Bittiya Sanstha Limited (ILBS) has also called its SGM on the same date.
Nepal Agro Laghubitta has called its AGM in City Square Pvt. Ltd., Pokhara, starting at 9 am that day. The SGM of Infinity Laghubitta will be held in the company's central office in Nawalpur, starting at 9 am that day.
As proposed by the board of directors, the AGM of Nepal Agro Laghubitta will endorse 14% bonus shares on the paid-up capital of Rs. 5,72,44,470 for the fiscal year 2076/77. Cash dividend worth Rs. 4,21,801 will also be endorsed.
The AGM will endorse the 1: 0.98 Share Swap Ratio between NAGRO and ILBS. Nepal Agro Laghubitta Bittiya Sanstha Limited (NAGRO) will now be acquired by Infinity Laghubitta Bittiya Sanstha Limited (ILBS), which is also the primary agenda for the latter's SGM. Nepal Rastra Bank approved the acquisition proposal endorsed by both the companies' respective AGM on Jestha 11.
The paid-up capital after acquisition will be Rs. 32,59,08,646.
The trading of NAGRO was halted in NEPSE because the company had signed a Memorandum of Understanding (MoU) for merger and acquisition with NESDO Sambridha Laghubitta. However, Infinity Laghubitta Bittiya Sanstha Limited (ILBS) unveiled a notice stating that it has signed an acquisition agreement with Nepal Agro Laghubitta in which the former will acquire the latter.
The acquisition agreement was signed on Magh 26 by Mr. Balram Bista representing ILBS and Mr. Bibek Shrestha representing NAGRO. NAGRO is a microfinance company with its central office in Bindhyabasini, Pokhara - 18, Kaski. The company has an operational area of 10 districts.
The book closure date of the AGM and SGM is on Ashad 08. Thus, investors maintained before that day can attend the meetings of the respective companies.
