Lumbini Bikas Bank Limited has announced the sale of 1,803 units of its founder shares following a formal request from existing founder shareholder Diwakar Kucheria to divest his equity stake in the bank.
In accordance with prevailing regulatory provisions, the bank has initially offered the shares exclusively to its existing founder shareholders, providing them with the first opportunity to acquire the shares before they are made available to other investors.
Interested eligible shareholders must submit their applications within 35 days from the date of publication of the official notice.
Existing Founder Shareholders Given Priority
The 1,803 units of founder shares currently offered for sale belong to Diwakar Kucheria, an existing founder shareholder of Lumbini Bikas Bank.
Under the applicable regulatory framework, the bank has reserved the initial purchase opportunity for its existing founder shareholders. Only current founder shareholders of Lumbini Bikas Bank are eligible to apply during this first phase.
The arrangement provides existing founder shareholders with priority to increase their ownership stake in the bank before the shares are offered to other potential investors.
Eligible shareholders interested in purchasing the shares must submit their applications within the prescribed timeframe in accordance with the bank’s notice.
Applications Open for 35 Days
According to the bank’s announcement, interested existing founder shareholders can submit their purchase applications within 35 days from the date of publication of the official notice.
Applications must be submitted directly to the bank’s Head Office located in Dillibazar, Kathmandu.
Eligible applicants are required to complete the application process within the stipulated period to participate in the initial sale.
Shares to Be Opened to the Public if No Applications Are Received
The bank has stated that if no applications are received from existing founder shareholders within the 35-day application period, the 1,803 units of founder shares will subsequently be offered to the general public and other interested individual and institutional investors.
This secondary arrangement ensures that the shares can be made available to a wider pool of potential buyers if the existing founder shareholders do not exercise their initial purchase opportunity.
The sale process has been initiated following Kucheria’s request and is being carried out in line with the applicable regulatory provisions governing founder share transfers.
The initiative provides existing founder shareholders with priority to acquire the available equity while establishing an alternative opportunity for other investors if the initial offering does not receive applications.
