Nepal Infrastructure Bank has convened its third annual general meeting to pass the dividend.

 

Nepal Infrastructure Bank has convened its third annual general meeting to pass the dividend.

The meeting will be held at Anupam Foodland and Banquet Battisputali, Kathmandu from 9 am on December 13.

The bank will submit a proposal to amend the management letter and rules along with the proposal to distribute 8 percent bonus shares and 0.50 percent cash dividend to pay tax on the bonus.

In addition, two directors will be elected on behalf of the general shareholders. The bank will close the book from November 26 for the purpose of dividend distribution and general meetings.

Accordingly, only the shareholders who remain in the company till the 8th of September will be able to participate in the dividend and meeting announced by the bank.

Nepal Infrastructure Bank Limited (NIFRA) has convened its third annual general meeting on December 13.

The meeting will pass a proposal to distribute an 8 percent bonus share of the paid-up capital and 0.50 percent cash dividend to pay tax on the bonus as proposed by the board of directors. 

Accordingly, the bank will approve a proposal to distribute bonus shares equal to Rs 1.60 billion on the basis of paid-up capital of Rs 20 billion and a cash dividend of Rs 84.21 million for tax purposes.

It is proposed to amend the management letter and rules by increasing the issued and paid-up capital to be maintained after the bonus. 

Similarly, the meeting has a schedule to elect two directors representing the general shareholders.

The bank, which issued 80 million shares to the public in January 2077 BS, is going to be represented by the general shareholders for the first time. 

The bank is 40 percent owned by the general shareholders, 10 percent by the Government of Nepal, 20.89 percent by commercial banks, 

And 18.97 percent by life and non-life insurance companies, 5.15 percent by government private companies, and 4.99 percent by entrepreneurs and business people.

For the purpose of the general meetings and dividend distribution, the bank will cancel the book filing from Thursday, November 25. 

Accordingly, only the shareholders who have been traded in Nepse till Wednesday, September 26, will be able to receive the dividend announced by the bank and participate in the general meeting.