Mahalaxmi Finance Concludes SGM

June 14: The special general meeting of Mahalaxmi  Finance Limited concluded on June 14 at Hotel Pagoda, Kantipath. Babulal Agrawal, Chairman of the company submitted the board of director report at the meeting. The SGM unanimously approved the proposal of the merger between Mahalaxmi Finance, Malika Development Bank and Siddhartha Finance. As per the proposal, Mahalaxmi Development Bank will be formed after the merger which will be a national level development bank. Mahalaxmi Finance is a national level finance company whereas, Malika Development Bank is a ‘B’ class development bank headquartered at Dhangadi. Similarly, Siddhartha Finance is a Bhairahawa-based national level finance company.

The merged entity will have 40 branches across the country. Likewise, its paid up capital will be Rs 1.15 billion. Similarly, the new development bank formed after the merger will have deposit totaling Rs 10.71 billion and Rs 8.67 billion in loans as of data of mid-January.

Issuing a press statement, Mahalaxmi Finance informed that it aims to conclude the merger process within mid-July and start the unified transaction.