ADBN seeks permission for public issue

KATHMANDU, June 19: Agricultural Development Bank Limited (ADBN) has sought permission from Securities Board Nepal for issuing shares to the general public. Issuing a press release, the bank said it has lodged an application at the board for issuing 9.6 million units of shares worth Rs 960 million. The bank has further announced that it has already completed all necessary preparations for the issue and would go to public as soon as the board gives its nod. [break]



Once approved, the bank´s issue would be the largest ever primary issue in the country. Of the total shares, the bank has also allocated 480,000 units of share for its employees, while the remaining 9.12 million shares will be issued to the general public. The bank has already issued shares worth Rs 452.50 million to its borrowers.





Capital Merchant opens branch in Palpa



KATHMANDU, June 19: Capital Merchant Banking and Finance Limited has opened its second branch at Palpa Road in Butwal on Friday. President of Butwal Chambers of Commerce and Industry Shankar Shrestha inaugurated the branch amid a function earlier in the day, says a press release.



Speaking on the occasion, Chairman and Managing Director of the company Bigyan Prasad Paudel said the company would open yet another branch in Kathmandu within the current fiscal year.



The company operates with paid up capital of Rs 373.80 million, and has already mobilized deposits of Rs 1.71 billion and issued loans of Rs 1.97 billion so far, according to the release.

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