Kanchan Development Bank Nepal is going to issue 2:1 right share; SGM today

Kanchan Development Bank Limited (KADBL) is convening its Special General Meeting (SGM) today . The SGM was held at Hotel Opera Private Limited, Mahendranagar, Kanchanpur at 11: 00 AM.

Main Goals of the SGM are which are approved as follows:

1. To endorse 2:1 (50%) right shares to its existing shareholders.
2. To convert 19% of the promoter shares into ordinary shares and maintain public promoter share structure ratio at 51:49.
3. To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Kanchan Development Bank had earned net profit of Rs 3.36 crore in the third quarter of fiscal year 2072/73. The company’s paid up capital stand at Rs 19.80 crore and reserve at Rs 5.47 crore in Q3. After issuance of 50% right share it’s paid up capital will reach to Rs 29.7 million.

Kanchan Development Bank Ltd. is a public limited Development Bank. It is managed by a group of well experienced and professional managers having excellent leadership quality. . We are fully committed to glorify our corporate slogan “Sudurpaschim ko Arthik Bikas ko Sahayatri”. Kanchan Development Bank Ltd. was established on 2066/04/09 with head office at Bhimdutta Nagar Palika Mahendranagar, Kanchanpur as a public limited company with limited liability on shares under Company Act 2063 with Regd.No.:1159/066/067. The company received approval from the NRB for commencement of banking operation on o1/06/2066 and operation started on 03/06/2066.