Those Who Buy Shares of These Four Companies by Today Will Receive the Proposed Dividend, How Much for Which?
Today is the last day to secure the dividend of Nepal Infrastructure Bank, Nabil Bank, Garima Development Bank, and Reliance Spinning Mills. These companies are closing their books tomorrow, Ashoj 14, so only shareholders who have transacted on NEPSE by today will receive the proposed dividends.
Kathmandu. Today is the last day to secure the dividend of four companies. Today is the last day to secure the dividend of Nepal Infrastructure Bank, Nabil Bank, Garima Development Bank, and Reliance Spinning Mills.
These companies are closing their books tomorrow, Ashoj 14, for the purpose of the general meeting and dividend distribution. Accordingly, shareholders who have transacted on NEPSE by today will be able to participate in the general meetings of these companies and receive the dividends to be distributed by them.
Nepal Infrastructure Bank (NIFRA)
NIFRA has called a general meeting to pass the dividend. The meeting will be held on Ashoj 23, Friday, at Anupam Foodland and Banquet, Battisputali, Kathmandu, at 9 AM.
The company has decided to distribute a cash dividend (including tax) of Rs 1 arba 13 crore 68 lakh 51 thousand 200, which is 5.2632 percent of the current paid-up capital of Rs 21 arba 60 crore, from the distributable profit of the previous fiscal year's accumulated profit. The meeting will approve this proposal.
The meeting will discuss and pass the report of the Board of Directors for fiscal year 2082/83, and discuss and approve the balance sheet as of Ashadh end 2083, detailed profit and loss account, cash flow statement, changes in capital, and related schedules along with the auditor's report.
According to Section 111 of the Companies Act 2063 and Section 63 of the Bank and Financial Institutions Act 2073, the meeting will also pass a proposal to appoint an external auditor for fiscal year 2083/84 and determine their remuneration as recommended by the bank's audit committee. It has been stated that the current auditor BRS Neupane & Co., Chartered Accountants, having completed three consecutive years of auditing the bank, may be reappointed as per Section 111(3) of the Companies Act 2063 and Section 63(2) of the Bank and Financial Institutions Act 2073.
Nabil Bank
Nabil Bank has decided to hold its 42nd Annual General Meeting on Ashoj 22. The meeting will start at 9:30 AM at the Army Officers Club in Bhadrakali, Kathmandu.
The meeting will approve the proposed total dividend of 15.80 percent of the current paid-up capital for the previous fiscal year 2082/83. This includes 5 percent bonus shares and 10.80 percent cash dividend (including tax). The meeting will also pass a proposal to distribute an 8 percent cash dividend (including tax) on the 8 percent non-redeemable cumulative preference shares.
The meeting will pass a special proposal to increase the bank's current authorized capital to Rs 34 arba. Since the authorized capital, issued capital, and paid-up capital need to be increased, the meeting will also approve a proposal to amend the memorandum and articles of association accordingly. The meeting will pass a special proposal authorizing the Board of Directors to make any changes or amendments as directed by regulatory bodies while amending the memorandum and articles of association.
The meeting will also pass a proposal authorizing the Board of Directors to proceed with the entire process if it is deemed appropriate to merge with other banks and financial institutions or acquire other banks and financial institutions. The meeting will elect 3 directors to represent the founding shareholders on the Board of Directors.
Garima Development Bank
Garima Development Bank has decided to hold its 20th Annual General Meeting on Ashoj 26. It will start at 10:30 AM at Hotel Pokhara Grand in Birauta, Pokhara.
The meeting will approve the proposed total dividend of 20 percent of the current paid-up capital of Rs 6 arba 2 crore 13 lakh 48 thousand 367.22 for the previous fiscal year 2082/83. This includes 10 percent bonus shares and 10 percent cash dividend (including tax).
The meeting will pass a special proposal to increase the bank's current authorized capital to Rs 6 arba 65 crore. The meeting will also approve a proposal to amend the memorandum and articles of association in line with the capital increase.
The meeting will approve a special proposal authorizing the Board of Directors to make any changes or amendments as directed by regulatory bodies while amending the memorandum and articles of association. The meeting will also pass a proposal authorizing the Board of Directors to proceed with the entire process if it is deemed appropriate to merge with other banks and financial institutions or acquire other banks and financial institutions.
Reliance Spinning Mills
Reliance Spinning Mills will distribute the proposed dividend to shareholders based on the current paid-up capital. The company is closing its books on Ashoj 14 for its annual general meeting and dividend distribution, so only investors who purchase shares by today will receive the said dividend.