Kamana Sewa Bikas Bank to issue 3.5m shares worth Rs 350m

KATHMANDU: Kamana Sewa Bikas Bank is set to issue non-redeemable, non-cumulative preference shares valued at Rs 100 each. NIMB Ace Capital has been appointed as the issue and sale manager for this issuance through the circular method.

The bank plans to issue 3.5 million units of shares, amounting to Rs 350 million.

The agreement regarding the issuance was signed on Sunday by Kamana Sewa Bikas Bank CEO Dinesh Thakali and NIMB Ace Capital General Manager Sachindra Dhungana.

With an annual dividend rate of 9%, the payment period for these non-cumulative preference shares has not been specified due to their non-redeemable nature. The issuance aims to bolster the supplementary capital of Kamana Sewa Bikas Bank.