Commerz and Trust bank’s Rs 600m IPO on Sunday
KATHMANDU, FEB 14 -
Commerz and Trust Bank is issuing an initial public offering (IPO) worth Rs 600 million on Sunday. The bank will issue six million general shares.
Of the total shares allocated for the general public, 5 percent will go for the bank ’s employees and additional 5 percent has been allocated for mutual funds. Following the IPO, the bank ’s paid-up capital will reach Rs 2 billion, according to the bank .
Commerz and Trust Bank CEO Anal Raj Bhattarai said the shares to be provided to mutual funds have already been subscribed by the Citizen Investment Trust and Siddhartha Capital. He expressed hope for an overwhelming subscription, given the bank ’s ‘high efficiency at low cost’. “The upward trend in the share market will also help in this regard,” he said.
According to Bhattarai, the bank has been giving attractive returns to its shareholders in last 28 months of its operation.
As of February 11, the bank ’s deposit collection is at Rs 9 billion, while lending stands at Rs 8.27 billion. It earned Rs 65 million profit as of the second quarter of the fiscal year. The bank has 14 branches and it has been providing services like ATM, sms, e- bank ing, and evening bank ing service.
Posted on: 2013-02-14 08:53