KATHMANDU, Dec 26: Century
Commercial Bank Ltd (CCBL) on Thursday received the go ahead from the
Securities Board of Nepal (SEBON) to issue 9.2 million units shares in
an initial public offering (IPO). After getting the nod from the
securities market regulator, CCBL is likely to hold its IPO on
mid-January 2014, the bank said.
“The upcoming meeting of the board of directors will take the decision on the date to for the IPO. Probably, we will issue shares by the third week of January,” the bank´s CEO Ganesh Kumar Shrestha told Republica.
The bank´s paid-up capital will reach Rs 2 billion from the current Rs 1.08 billion after the IPO with CCBL looking to raise Rs 920 million from the public.
According to the Unified Directive 2013 from the Nepal Rastra Bank, the central regulatory authority for financial institutions, commercial banks are required to maintain their paid-up capital at Rs 2 billion.
CCBL would be a last among the existing commercial banks to start issuing for the public after NRB stopped issuing licenses to open new banks.
Source: myrepublica.com 26th Dec 2013
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“The upcoming meeting of the board of directors will take the decision on the date to for the IPO. Probably, we will issue shares by the third week of January,” the bank´s CEO Ganesh Kumar Shrestha told Republica.
The bank´s paid-up capital will reach Rs 2 billion from the current Rs 1.08 billion after the IPO with CCBL looking to raise Rs 920 million from the public.
According to the Unified Directive 2013 from the Nepal Rastra Bank, the central regulatory authority for financial institutions, commercial banks are required to maintain their paid-up capital at Rs 2 billion.
CCBL would be a last among the existing commercial banks to start issuing for the public after NRB stopped issuing licenses to open new banks.
Source: myrepublica.com 26th Dec 2013
You may also like:
IFRS to be partially implemented in Nepal from next fiscal year
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