According to Mr. Keshav Rayamajhi, Chairman of JBNL, the share swap ratio for merger with SDBL has been fixed at 1:1. JBNL had also merged TBBL in a share swap ratio of 1:1. Both the banks, JBNL and TBBL, had endorsed the final agreement for merger from their respective AGM. The merged bank is seeking approval from Nepal Rastra Bank to commence its joint operation.
Earlier, Janata Bank had decided to issue 60% right share after concluding the merger with Triveni Bikas Bank to increase the paid up capital to Rs 8 arab. Since, the paid up capital will increase to Rs 8 arab after acquiring Siddhartha Development Bank, issuance of right shares will be reconsidered, said Mr. Rayamajhi. Siddhartha Development Bank has paid up capital to Rs 1.41 arab. Issuance of 60% right shares by SDBL will increase the paid up capital of the bank to Rs 2.27 arab.
Trading in JBNL is currently under halt due to ongoing merger with TBBL. Similarly, NEPSE has suspended trades in SDBL from 19th Falgun, 2073 i.e. today due to acquisition process by Janata Bank Nepal Limited.
