Sindhu Bikash Bank Limited successfully convened its 14th and 15th Annual General Meeting (AGM) on 2081/12/08 (March 22, 2025) at the Mirabel Resort Hotel in Dhulikhel, Kavrepalanchok. During this gathering, a significant resolution was addressed concerning the issuance of rights shares to fulfill the minimum paid-up capital requirement of 120 crores, in accordance with the directives issued by Nepal Rastra Bank (NRB) for the elevation of the bank to a national-level development institution.
Initially, the proposal recommended issuing rights shares at a 2:1 ratio (one rights share for every two existing shares). However, after extensive discussions, shareholders endorsed an alternative 1:1.16 ratio (1.16 rights shares for each current share), contingent upon NRB’s approval. The AGM granted the Board of Directors complete authority to secure requisite regulatory endorsements and proceed with the rights share issuance appropriately.
Moreover, under Special Proposal No. 2, the AGM unanimously approved granting the Board full powers to investigate potential mergers or acquisitions with other suitable banks and financial entities. This encompasses appointing an established valuer for the Due Diligence Audit (DDA), deciding on valuation fees, drafting a Memorandum of Understanding (MoU), and executing all essential processes related to mergers or acquisitions. This decision empowers the Board to undertake appropriate measures to facilitate the bank’s strategic growth.
