The 28th Annual General Meeting (AGM) of NIC Asia Bank Limited has approved the issuance of rights shares in a 2:1 ratio based on the bank's existing paid-up capital.
The AGM, held on Monday at the Army Officers Club in Bhadrakali, Kathmandu, endorsed the bank’s annual financial statements for the fiscal year 2081/82, including the Board of Directors’ report, auditor’s report, balance sheet, profit and loss account, and cash flow statement up to the end of Ashad 2082.
As proposed by the Board of Directors, shareholders approved the issuance of rights shares equivalent to two shares for every one existing share held, subject to approval from the relevant regulatory authorities. The meeting also passed several other agenda items.
The AGM further elected directors unopposed. Representing the founder shareholders, Ashok Kumar Agrawal, Ramchandra Sanghai, and Jayant Kumar Agrawal were elected. Representing the public shareholders, Aditya Kumar Agrawal, Keshav Prasad Lamsal, and Anupa Pradhan Rajbhandari were also elected unopposed.
The approval of the rights issue is expected to strengthen the bank’s capital base and support its future growth plans.
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