The Board of Directors of Nepal SBI Bank Ltd. in its 398th meeting held on 2073.06.17 B.S. (3rd October, 2016 AD) has decided for Further Public Issue of 67,767.87 shares @ Rs.984.00 per share which includes par value of Rs.100.00 and Premium of Rs.884.00 per share. The FPO is being issued to overcome mismatch in the shareholding ratio (to maintain public holding at 30%) prescribed under clause 5.2 (b) of the Memorandum of Association of the Bank as per the resolution adopted in the Bank's 21st AGM held on 28th January, 2015.
Bank's Board Fixes Quantum and Ratio of the Rights Issue within the Cap Fixed and the Authority Delegated by the 22nd AGM
Issuance of Right Shares in the Ratio of 4 shares for every 10 Shares Held (i.e., 10:4)
The 400th meeting of the Board of Directors of Nepal SBI Bank Ltd. held on 28th November 2016 (in the late evening) has resolved to approve issuance of right shares amounting to Rs. 1,99,19,42,360.00, which will be in the ratio of 4 shares for every 10 shares held (i.e. 10:4). The ratio of the rights has been derived by the Board out of the Paid-up Capital to be maintained after allotment of 67,767.87 shares being sold through FPO and issuance of 28% bonus shares already proposed by the Board to the forthcoming Annual General Meeting (AGM) subject to the approval of Nepal Rastra Bank (NRB) out the distributable funds for Fiscal Year 2072/73 (2015/16). The quantum and ratio of the rights issue thus approved by the Board is well within the cap of Rs. 260 crore fixed by the 22nd AGM held on 24th Magh 2072 B.S. (7th February 2016) and the powers delegated to the Board by the said AGM.
The Bank has decided to come out with the rights issue as part of implementation of its Capital Plan formulated in the year 2072 B.S. so as to gradually augment the Bank's Paid-up Capital to Rs. 800 crore well within the timeline fixed by NRB, i.e., on or before End of Ashad, 2074 B.S.
Nepal SBI Bank Ltd. is the first Indo-Nepal joint-venture bank promoted by State Bank of India and Employees Provident Fund (EPF).
Bank’s Board revises the FPO price to Rs.971.00 from Rs.984.00 fixed earlier
The Bank’s Board at its 401st meeting held on 9th December 2016 has revised the price of upcoming FPO of 67,767.87 shares to Rs.971.00 from Rs.984.00 fixed earlier based on prevailing market price of last 180 days(as of 6th December 2016). The FPO price was revised by the Board at the instance of directions given by Securities Board of Nepal vide their letter dated 06.12.2016.
Operational License to Nepal SBI Merchant Banking Limited (NSMBL)
Securities Board of Nepal (SEBON) has granted an operational license to Nepal SBI Merchant Banking Limited (NSMBL) on 09th December 2016. Nepal SBI Merchant Banking Limited (NSMBL) is the downstream subsidiary of Nepal SBI Bank Limited (NSBL) with 100 percent shareholding. Under the license Nepal SBI Merchant Banking Limited (NSMBL) has permitted to carry out following activities:-
Nepal SBI Bank Appoints Issue Manager for Rights Issue
Nepal SBI Bank Limited has appointed NMB Capital Limited as the Issue Manager of the proposed Rights Issue of the Bank. The Bank and the Capital has entered in to an agreement for Management of Rights Issue of 19,919,423.60 shares of the Bank.
In order to augment its paid-up capital to Rs.8 Billion as per NRB Directives, the Bank based on the resolution adopted in the Bank's 22ndAGM is going to issue Right Shares. As the Right Shares are being issued only after allotment of FPO, the issue of which has just been closed, and issuance of 28% bonus shares already proposed by the Board to the forthcoming 23rdAnnual General Meeting (AGM), the Rights issue will be in the ratio of 4 shares for every 10 shares held (i.e. 10:4).
Nepal SBI Bank conducted 24th AGM/Elected Public Director
Nepal SBI Bank Limited successfully holds its 24th Annual General Meeting on 3rd January 2018 at Tribhuvan Army Officers' Club, Bhadrakali, Kathmandu. The AGM approved the Directors Report, Profit and Loss Appropriation Account along with Annual Financial Statements for FY 2073/74.
During the year the Bank has been able to record an operating profit of Rs.233.99 Crore and net profit of Rs.152.32 Crore. The meeting resolved to approve distribution of Bonus Shares @15.42% and Cash Dividend @0.81% to its shareholders. The meeting elected Mr. Bala Krishna Shrestha as a Director unopposed, representing the general public shareholders. The meeting approved the Consolidated Balance Sheet of the Bank including the Audited Financial Statements of the Bank's subsidiary i.e. Nepal SBI Merchant Banking Limited for FY 2073/74 (2016-17). The meeting has appointed Statutory Auditors M/s T.R. Upadhayay & Co., Chartered Accountants for the FY2074/75(2017/18) and ratified their fees.
Nepal SBI Bank Limited Elected Chairman of the Bank's Board
The 418th meeting of the Board of Directors of Nepal SBI Bank Limited held on 3rd January, 2018 unanimously elected Mr. Sujit Kumar Varma, Director representing State Bank of India to the post of Chairman of the Board of Directors of Nepal SBI Bank Ltd.
The 432nd meeting of the Board of Directors of Nepal SBI Bank Limited held on 15th December, 2018 has approved the Complete Financial Statements for the Financial Year 2074/75(2017-18) and resolved to approve distribution of Dividend @15.79% (Bonus Shares @5% and Cash Dividend @10.79% ) out of the net profit earned last year and the profit earned during the previous years, subject to approval of NRB and upcoming 25th AGM.
25th AGM and Book Closure Notice of Nepal SBI Bank Ltd.-(SBI)
25th Annual General Meeting(AGM) of Nepal SBI Bank Ltd. has been scheduled to be held on 2075.09.30 BS. For the purpose of 25th AGM the shareholder register will be closed (Book Closure) from 2075.09.18 to 2075.09.30 BS.
433rd meeting of the Board of Directors of Nepal SBI Bank Ltd. held on 13th January 2019 has appointed Mr. Arjun Kumar Gautam as a Director in place of Mr. Deepak Rauniar representing Employees Provident Fund.
ICRA NEPAL Reaffirmed Ever Highest Rating [ICRANP-IR] AA (pronounced ICRA NP Issuer Rating Double A) issuer rating to Nepal SBI Bank Ltd. and Rating of [ICRANP] LAA(pronounced ICRA NP L Double A) for NSBL’s subordinated debentures of NPR 200 million.