SGM endorsed acquisition of Grand Bank

Kathmandu, July-23 Special General Meeting of Prabhu Bank Limited and Grand Bank Limited was held today to endorse acquisition of Grand by Prabhu Bank.

The meeting of both the companies has approved the per share value fixed by the Due Diligence Audit of Prabhu and Grand Bank at Rs 121.45: Rs 65.58 respectively.

Speaking at the General Assembly the Bank's Chairman Devi Prasad Bhattachan, after the acquisition Prabhu Bank the shareholders will get 21% bonus share .And also the bank has been able to earn Rs 100 crore plus net profit in 2071/72 fiscal year. And its NPL also has gone down from 10 percent levels.

After the acquisition the paid up capital of Prabhu Bank will reach to Rs 5.92 arba from 3.208 arba at present.