Kathmandu. NIC ASIA Bank Limited has appointed NIMBS Capital as its issue manager for the issuance of right shares in the ratio of 2:1.

As per the approval from Nepal Rastra Bank, the bank is issuing 50% right shares worth Rs 14.91 billion with a paid-up capital of Rs 14.91 billion.

The bank will issue 14,91,75,669.22 units of right shares at a face value of Rs 100 per share. In the right shares of the bank, the investors will get one (2:1) share of two shares (i.e. 2 units of existing ordinary shares equal to 1 (1) units of new ordinary shares).

The bank will issue right shares worth Rs 7.45 billion. The issuance of the shares will be carried out after completing all necessary regulatory approvals and processes.

The proceeds from the right issue will be used to strengthen the bank’s capital structure, further strengthen capital adequacy ratio and execute the long-term business expansion and strategic plans of the bank.

The agreement was signed by the Chief Financial Officer of the company Rupesh Luitel and Deputy Chief Executive Officer of Nepal Sachindra Dhungana on behalf of their respective organizations.