Following the lockdown implemented by the government in order to curb the spread of coronavirus, the company postponed the right issue until further notice.
Once the situation becomes normal, the company will issue another notice to issue the right share. The company is set to issue 9,385,200 units of right shares at a price of Rs 100 to its existing shareholders at a ratio of 1:1.
In this regard, the company closed its book on March 5, thus, the shareholders registered in its book till March 4 are eligible to apply for the right issue.
The company has appointed NMB Capital as its issue manager. ICRA Nepal has assigned Grade 4+ rating to the right issue indicating below average fundamentals.
Presently, the company has paid-up capital of Rs 938.5 million that will reach Rs 1.87 billion after the right issue.
