Nation Upliftment Microfinance to issue IPO
The third annual general meeting of Rashtra Utthan Microfinance Financial Institution Limited is scheduled to be held on December 31. The meeting will start at 1 pm at the company’s central office, Sanga, Kavrepalanchok, the company said.
The meeting will start at 1 pm at the company’s central office in Sanga Banepa. It is proposed at the meeting that the Board of Directors be given full authority to decide on mergers and acquisitions with any other companies.
A meeting of the board of directors of the company held on December 6 has decided to hold a general meeting. Similarly, Rashtra Utthan Microfinance Financial Institution Limited is preparing to issue IPO.
The organization is preparing to issue an IPO worth Rs 85 million. The company will issue a total of 850,000 IPOs at a face value of Rs. 100 each. It is preparing to issue 850,000 IPOs worth Rs 85 million. The company has also increased its operating profit from Rs 20 million to Rs 77 million.
The company, which has collected Rs 640 million in deposits till July, has invested Rs 2.58 billion in loans. Nation Upliftment Microfinance Institution has appointed NIBL S Capital as the sales manager for the public offering.
The agreement has been signed by Deputy Executive Director Jaya Lohani on behalf of Rashtra Utthan MFI and Assistant General Manager Sachindra Dhungana on behalf of NIBL S Capital.
ICRA Nepal has given IR BB rating to the IPO of Rashtra Utthan Microfinance Financial Institution Limited. According to ICRA Nepal, there is a moderate risk of the
bodies receiving the ratings failing to meet their financial obligations on time. ICRA Nepal also said that the rating was only an opinion of the issuer regarding general credit reliability.