KATHMANDU: Laxmi Bank’s 16th annual general meeting (AGM) was held in Kathmandu on Tuesday.

The AGM discussed and approved the Directors’ Report and the Financial Statements for the financial year 2015-16.

The AGM approved distribution of bonus shares at 38 per cent of the paid-up capital as of mid-July 2016, adjusted to 18.29 per cent of paid-up capital after acquisition of Professional Diyalo Bikas Bank and 100 per cent rights issue.

The shareholders receiving the shares due to acquisition of Professional Diyalo Bikas Bank and recently concluded 100 per cent rights issue, including the shareholders receiving the shares after auction of unsubscribed right shares scheduled for July 9 shall also be eligible for receiving the bonus shares, as per a press release.

The AGM also approved the proposal of conversion of promoter shares to public shares and maintain the proportion of promoter shares to total shares at 51 per cent.

The AGM also elected Vishwa Karan Jain and Swati Roongta as directors representing public shareholders.