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Published On: October 23, 2016 09:01 PM NPT By: Republica

Laxmi Bank to acquire Professional Diyalo

Laxmi Bank to acquire Professional Diyalo

KATHMANDU, Oct 23: The Special General Meeting of Laxmi Bank Ltd on Sunday decided to acquire Professional Diyalo Bikas Bank Ltd (PDBBL) and also approved the Scheme of Arrangement for the acquisition.

"The meeting approved the valuation of shares of PDBBL at 50 percent of the value of shares of Laxmi Bank Ltd for the purpose of acquisition," a statement issued by the bank said, adding that the the meeting also decided to launching 100 percent rights issue -- approved earlier by the bank's 15th AGM -- to its shareholders after completion of the acquisition process.

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