Breaking news. Nepal Infrastructure Bank Securities Board has reached out seeking permission to issue a large IPO in the banking sector. The bank has reached the board seeking permission to issue 80 million IPOs worth Rs 8 billion.
The bank has reached the board seeking IPO permission after the IPO issuance proposal was passed by the general meeting held on November 19. Citizens’ Investment Fund will act as the guarantor in the IPO to be issued by the bank, while NIBL S Capital Limited is the manager of the share issue and sale.
Nepal Infrastructure Bank, which is also an investment of the Government of Nepal, is the first infrastructure development bank in Nepal. The bank has an authorized capital of Rs 40 billion, issued capital of Rs 20 billion and paid-up capital of Rs 12 billion.
The bank, which has its registered office in New Baneshwor, Kathmandu, had started its banking operations on February 8, 2008 after receiving approval from Nepal Rastra Bank to act as a national level infrastructure development bank.
Established with the main objective of investing resources in infrastructure projects including hydropower, solar energy, hotels, resorts, fun parks, cable cars, education, health, the bank aims to mobilize long-term resources from within and outside the country and provide necessary resources for such projects.