Nepal Stock Exchange (NEPSE) has adjusted the stock price of Narayani Development Bank Ltd. (NABBC).
The adjusted price for Narayani Development Bank Ltd. is Rs. 478 for a 100% of right share on the previous close of Rs. 856.
On the last day before the book close, there were a total of 534 trades amounting to Rs. 26,664,278.20 and 30,607 total shares traded.
The number of shares traded amounts to 7.77% of the total publicly traded shares.
The 19th AGM of the company held on 29 January 2021 had endorsed the proposal to issue 1: 2 right shares. However, based on the letter forwarded by the central bank on 3 June 2021, the development bank was given approval to issue the right shares in a 1: 1 ratio only. This will only double the paid-up capital, compared to the company's expectation to tripe it.
Global IME Capital has been appointed the issue manager for the rights offering.
ICRA Nepal has given the issuer rating C+, denoting a very high risk of default regarding timely servicing of financial obligations. This is the poorest rating ICRA Nepal could give in the range from "AA" to "C+".