Kathmandu, January 12:

Agriculture Development Bank Ltd (ADBL) will appoint an issue manager soon. “To streamline

the process of floating shares, ADBL will appoint an issue manager soon,” said Janak Shah, newly appointed chief executive officer of the bank.

The bank is floating the largest ever Initial Public Offering (IPO) — in the financial sector — amounting to Rs 960 million. The sum is 30 per cent of its paid up capital. The shares will be floated at a face value of Rs 100 per unit. For employees, it has separated Rs shares worth 162.5 million, i.e. 5.08 per cent. ADBL, established 41 years ago, has a total of over 3,95,000 clients.

Earlier, the newly opened commercial bank Global Bank floated shares worth Rs 300 million, the largest IPO till date. Bank of Asia Nepal and Citizen International Bank will also float shares worth Rs 300 million each — 30 per cent of their paid up capital — respectively, according to the central bank’s regulation.

Shah said 67,000 small farmers contacted various branches of the bank for loan-waiver. The government — in its budget for the fiscal year 2008-09 - had announced complete loan waiver upto Rs 30,000 and interest waiver on loan upto Rs 1,00,000 for small farmers hit by the conflict.