Infrastructure bank picks CIT for IPO

Kathmandu, Feb. 4

Nepal Infrastructure Bank has appointed the Citizen Investment Trust (CIT) an underwriter for its upcoming Initial Public Offering (IPO) of Rs. 8 billion.

The bank established to support infrastructure development in the country will issue 80 million units of initial shares worth Rs. 100 each.

Executive Director of the CIT Raman Nepal and Bank’s Deputy Chief Executive Officer Bhupendra Pandey signed an agreement for the underwriter appointment on Tuesday.

The bank’s authorised capital is Rs. 40 billion and paid-up capital Rs. 12 billion. After the conclusion of the IPO, the bank’s paid-up capital will reach Rs. 20 billion.

Infra Bank started its operation in March 2019 and aims to make investment in infrastructures like hydroelectricity, solar energy, hotel and resort, fun park, cable car, education and health.

Published in The Rising Nepal daily on 5 February 2020.