Western Development to Issue 1:1 right Shares

November 20: Western Development Bank is issuing 1:1 right shares from December 7 to January 10 for its existing shareholders. The bank is issuing 1,569,600 units of right shares priced at Rs 100.

The shareholders registered in the shareholders book by December 15 will be enable to purchase the right shares. The bank has appointed Prabhu Capital as its issue manager to manage the issue. The paid-up capital of the bank will reach Rs 313.9 million after the issuance of the right shares.

In the first quarter of the current FY, the net profit of the bank has reached Rs 2.9 million. In the mean time, the operating profit of the bank increased by 3 folds in this quarter. The bank has net worth per share of Rs 144.99.