Monday, May 27, 2013

Mega Bank Nepal reduces upper limit, to float IPO from June 2



Mega Bank Nepal that is floating the ordinary shares to the public from June 2 to June 5 has reduced the maximum limit for the Initial Public Offering to 200,000 units shares at a face value of Rs 100, which comes to Rs 20 million, unlike the earlier offerings of 20 million to give the chance for maximum investors.
According to the chairman of Mega Bank Prof Dr Madan Kumar Dahal the bank will be issuing 6.99 million units of ordinary stock at Rs 100 per share unit face value worth Rs 699 million through the IPO to the general public, which is 30 per cent of the bank's issued capital of Rs 2.33 billion. “The 29th commercial bank has succeeded in leaving a remarkable mark in the financial sector despite challenging circumstances like political instability, recession in the industrial and business sector and cut throat competition, only because of the confidence and trust shown by the general public towards the bank,” he added.
On the occasion, the chief executive of the bank Anil Keshary Shah assured the investors to to confidently invest in the shares of Mega Bank.
“We will try our best to allocate the shares in the most convenient way to all the applicants who are willing to buy the shares of our Bank,” he said, adding that the bank expects that there will be a high demand of our shares in the market.
The bank has already launched a deposit product ‘Mega IPO Savings Account’ for the convenience of those interested to invest in the bank's shares. “The account can be opened with a minimum balance of Rs 5,000 and is a savings account paying six per cent interest per annum (payable quarterly),” Shah added. “The amount applied for in the IPO can be paid conveniently through the account and in future direct transfer of dividend into the account is also possible in addition to trading of the shares through the secondary market after the listing in the stock exchange.”
The bank has jointly appointed Citizen Investment Trust, Nabil Investment Banking, NMB Capital and NIBL Capital Markets as its issue managers for initial public offering.
Mega Bank Nepal – established by 1,219 Nepalis of 63 districts – started its operations from July 23, 2010. It has 28 branches, apart from Mega Remit in 500 different locations and 45 hi-tech branchless banking outlets in rural parts.
Likewise, the bank is providing loans to agriculture, Small and Medium Enterprises (SMEs), tourism, energy. The authorised capital of Rs 4 billion and issued capital of 2.33 billion makes Mega Bank one of the largest capitalised banks in the nation, he added.
It has succeeded in recording a net profit of Rs 130 million in the third quarter of the current fiscal year against Rs 71.80 million in the previous fiscal year.
The bank has a total deposit of Rs 12.84 billion and a total loan portfolio of Rs 11.87 billion.

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