Tinau Development Bank Merges with Mission Development Bank; Trading of both the Companies to be put on halt

 Nepal Stock Exchange Limited (NEPSE) has put a halt on trading of the Tinau Development Bank Limited (TNBL) and Mission Development Bank Limited (MIDBL)  due to the merger and acquisition MoU signed between these two companies.

Both the development bank has signed MoU on Chaitra 3, 2075 hence, both companies requested to halt the trading.

After the completion of Merger process the company will be operated under the name of Tinau Development Bank Limited and the corporate address will be Butwal, Sub Metropolitan City.

The paid up capital of TNBL is Rs.56.77 Crore while that of MIDBL is Rs.57.64 Crore. The LTP of the banks as on 17^th March 2019 stood at Rs.166 and Rs.162 respectively.

The swap ratio will be 1:1 approx and both the companies have agreed for Due Diligence Audit (DDA).

It is stated in the MoU that Merger process will be completed by Shrawan 30, 2076 and the Board of Director will be appointed in the 1^st AGM after the merger as per the provisions contained in the Banking and Financial Institution Act, 2073.