Agriculture Development Bank Ltd. is issuing Rs. 960 million worth shares as Initial Public Offering (IPO) to the general public in the next month. The technical and financial proposals are under creation and once the proposals are made ready, issue manager will be appointed. The bank planned to issue the shares before a year but it was delayed because of the general meeting that was held only six month ago. ADB issued 1250000 shares in last Mangshir that received maximum applications. For this reason, 4525000 shares were given to the previous shareholders worth Rs. 452.5 million. The shares were oversubscribed again. ADB is an "A" grade company that has earned Rs. 622 million profit in the fiscal year 2064/65 which is 53.15% more than the previous year. Within this period it collected Rs. 32.22 billion as deposit and disseminated Rs. 36.57 billion as loan.
Source: Jamb News Service
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Tuesday, August 26, 2008
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