Mahakali´s IPO from Monday

MAHENDRANAGAR, Oct 29: Mahakali Development Bank, the first development bank of Mahakali zone in the far-western region, is issuing public shares from Monday. The bank will be issuing 81,800 share units, each with a face value of Rs 100. The issue will raise the paid up capital of the bank to Rs 20 million.

“The issue will be opened for four days starting from Monday,” said Sudarshan Joshi, chief executive officer of the bank. He stated that the people in all the five development regions can apply for the shares, as the bank has made arrangements for accepting the applications in all the regions.

Established two years ago, Mahakali presently has a depositor base of 4,310. It has mobilized deposits of Rs 120 million and issued loans of Rs 80 million. “We managed to earn profit of Rs 1.23 million in the last fiscal year,” said Joshi.

The bank has recently opened a branch in Jharali of Kanchanpur.