Wednesday, November 18, 2020

Nepal Infrastructure Bank to float Rs 8 billion worth shares to public

 Nepal Infrastructure Bank – established as the first and only infrastructure development bank of the country – today during its second annual general meeting (AGM) – approved the proposal to issue Initial Public Offering (IPO) of 80 million units of shares worth Rs 8 Billion to public calculated at 40 per cent of the issued capital, after obtaining the approvals of the regulators.

Chaired by Anuj Agarwal, who is also the chair of the bank’s Board of Directors (BoD), unanimously approved the director’s report of fiscal year 2019-20 and the bank’s financial statements of last fiscal year. The bank’s board members Shreekrishna Nepal, Chandra Prasad Dhakal, Lal Mani Joshi and Ramkrishna Khatiwada were also present in the meeting. Likewise, bank’s chief executive officer Anil Gyawali, deputy chief executive officer Bhupendra Pandey and other senior officials were also present in the meeting.

In order to safeguard from risks of Covid-19, the banks’ shareholders had been given an option to participate in the meeting through online platform. Arrangements had also been made to fully comply with the health and safety standards for participants, who were physically present in the meeting.

The bank, established with the objective of investing into infrastructure development projects only by raising long term resources within Nepal and from abroad, has approved loans of Rs  6 billion to five projects in hydro-electricity, cement Clinkerisation and solar energy sectors and disbursed loan of Rs 500 million during the last fiscal year 2019-20, and further approved loans of Rs 2.85 billion in additional  three projects after the review period in current financial year resulting total approved loans of Rs 8.85 billion, according to the bank.

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