Price Adjustment of 100% of Right Share of NABBC

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+".