Laxmi holds SGM

KATHMANDU: Laxmi Bank held its special general meeting (SGM) in Kathmandu, on Sunday.

The SGM decided to acquire Professional Diyalo Bikas Bank Ltd (PDBBL) and approved the Scheme of Arrangement for the acquisition. The SGM also approved the valuation of shares of PDBBL at 50 per cent of the value of shares of Laxmi Bank, for the purpose of the acquisition.

The meeting also decided to issue 100 per cent rights shares, previously approved by the 15th annual general meeting, to its shareholders after the completion of the acquisition.