Nepal Infrastructure Bank (NIFRA) is going to float public share soon.
The bank – with paid up capital of Rs 12 billion, earning per share of Rs 6.10 and net worth per share of Rs 106.57 – holding its first annual general meeting today passed the proposal to issue an Initial Public Offering (IPO) of Rs 8 billion worth of 80 million units of share to the general public after approvals of the regulatory authorities.
The meeting – of the bank that started business from March 2019 as the first national level infrastructure development bank of Nepal – was chaired by the chairman of the bank’s board Anuj Agrawal, who addressing the meeting informed the shareholders about the achievements the bank made during the review period, the plans and goals set for the current financial year and the future strategies.
Established with the purpose of investing only in infrastructure development projects by collecting long-term resources from domestic and foreign markets, the bank has already started its process of raising Rs 5 billion from the foreign capital market by issuing an offshore bond. The bank has already approved loans of Rs 3 billion towards two hydropower projects. The bank also claimed that it is identifying and evaluating various other projects in solar energy, hotels, resorts, fun parks, cable cars, education and health. The bank also plans to expand its investment portfolio into these projects by collecting necessary resources in the near future.
During the meeting, Anuj Agrawal, Chandra Prasad Dhakal and Lalmani Joshi are elected unanimously from the promoters group, whereas Ram Saran Pudasaini represents the government as the nominated board member. Ram Saran Pudasaini, Chandra Prasad Dhakal, Lalmani Joshi and Numanath Poudel are the members in the board of the bank, where Anil Gyawali is the chief executive officer.
The bank – with paid up capital of Rs 12 billion, earning per share of Rs 6.10 and net worth per share of Rs 106.57 – holding its first annual general meeting today passed the proposal to issue an Initial Public Offering (IPO) of Rs 8 billion worth of 80 million units of share to the general public after approvals of the regulatory authorities.
The meeting – of the bank that started business from March 2019 as the first national level infrastructure development bank of Nepal – was chaired by the chairman of the bank’s board Anuj Agrawal, who addressing the meeting informed the shareholders about the achievements the bank made during the review period, the plans and goals set for the current financial year and the future strategies.
Established with the purpose of investing only in infrastructure development projects by collecting long-term resources from domestic and foreign markets, the bank has already started its process of raising Rs 5 billion from the foreign capital market by issuing an offshore bond. The bank has already approved loans of Rs 3 billion towards two hydropower projects. The bank also claimed that it is identifying and evaluating various other projects in solar energy, hotels, resorts, fun parks, cable cars, education and health. The bank also plans to expand its investment portfolio into these projects by collecting necessary resources in the near future.
During the meeting, Anuj Agrawal, Chandra Prasad Dhakal and Lalmani Joshi are elected unanimously from the promoters group, whereas Ram Saran Pudasaini represents the government as the nominated board member. Ram Saran Pudasaini, Chandra Prasad Dhakal, Lalmani Joshi and Numanath Poudel are the members in the board of the bank, where Anil Gyawali is the chief executive officer.
No comments:
Post a Comment