As per a source, Deva Bikas is acquiring Western Development at a swap ratio of 1:1. The merged entity will have paid-up capital of Rs 3 billion, the highest among the development banks.
Currently, Deva Bikas Bank has a paid-up capital of Rs 2.28 billion after adjustment of 40 percent right shares. The bank is distributing bonus share of 17.1 percent after which the paid-up capital will reach Rs 2.53 billion. The bonus share has been endorsed by 11th AGM conducted today.
Similarly, the paid-up capital of Western Development has reached Rs 504 million after distribution of 17.41 percent bonus share.
