Sahayogi Bikas to Issue 10:3.5 Right Issue

April 27: Sahayogi Bikas Bank is issuing 10:3.5 right shares from May 15. The bank is set to issue 1,001,135 units of right shares with a face value of Rs 100 to its existing shareholders. The issue will close on June18.

The shareholders registered in the registration book of the bank by April 28 can apply for the right shares. The bank has appointed NCM Merchant Banking Ltd as its issue manager. Interested shareholders can apply for the right shares from NCM along with all the branches of Sahayogi Bikas Bank. Presently the bank has paid-up capital of Rs 314.6 million which will increase to Rs 424.7 million after the right share issue.

By the third quarter of the current FY, the bank has been able to earn Rs 92.9 million net profit. The profit is increased by 188 percent compared to the corresponding period of the last FY. Similarly, operating profit and net interest income of the bank has increased by 158 percent and 84 percent respectively in the review period. Likewise, reserve fund of the bank has increased by 158 percent to Rs 233.8 million. By the nine months of the current FY, the bank collected deposit of Rs 2.97 billion and extended loan of Rs 2.88 billion.