Kathmandu. Lumbini Development Bank Limited has convened its 14th Annual General Meeting on January 25. The meeting will be held through virtual medium. The meeting will pass the financial statements including the annual report up to the last fiscal year and also finalize the proposed 13.68 percent dividend proposal. The bank will distribute a total of 13.68 percent dividend with 13 percent bonus shares and zero point 68 percent for tax purposes. The bank's current working capital is Rs. The dividend will be distributed on the basis of Rs 2.90 billion.
The bank has revised the previously proposed dividend as per the instructions of Nepal Rastra Bank. Earlier, the Board of Directors of the bank had decided to distribute 10 percent bonus share and 3.71 percent cash dividend for tax purposes from the profits of the last fiscal year 077/78. The bank has amended the dividend proposal following the directive of Nepal Rastra Bank.
If the meeting deems it necessary to go through the process of merger and acquisition with any other bank and financial institution, the board of directors will also decide to give full responsibility for it. For the purpose of the general meeting, the book will be closed for one day on December 12. Based on the book close, only the existing shareholders will be able to receive the bank's dividend and participate in the meeting till December 10.