Triveni Bikas Bank’s SGM endorses merger with Janata Bank and further 60% right
Mon, Feb 13, 2017 1:00 PM on Latest, Featured, AGM/Special AGM, Stock Market,
Triveni Bikas Bank Limited (TBBL)’s Special General Meeting (SGM) held yesterday has endorsed merger with Janata Bank Nepal Limited (JBNL) and a further 60% right share after merger.
The SGM endorsed DDA report prepared by the merger committee and approved the share swap of 1:1 for merger. Further, the SGM also endorsed 60% right share after the merger. The name of the merged entity will be “Janata Bank Nepal Limited” and will operate as a class “A” commercial bank with its head office at Kathmandu, Ward No. 11.
After the merger, the paid up capital of JBNL will reach Rs 4.72 arba. After the issuance of 60% right, the paid up will reach Rs 7.56 arba. As per NRB’s requirement for all commercial banks to maintain a minimum paid up capital of Rs 8 arba by the end of FY 2073/74, JBNL aims to hike the paid up target by issuing bonus shares.
After the merger, the paid up capital of JBNL will reach Rs 4.72 arba. After the issuance of 60% right, the paid up will reach Rs 7.56 arba. As per NRB’s requirement for all commercial banks to maintain a minimum paid up capital of Rs 8 arba by the end of FY 2073/74, JBNL aims to hike the paid up target by issuing bonus shares.
