Garima Development Bank to Change Logo, Relocate Head Office, and Open Path for Mergers

Garima Development Bank to Change Logo, Relocate Head Office, and Open Path for Mergers

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Kathmandu: Garima Development Bank Limited has announced its Annual General Meeting (AGM), scheduled for Kartik 27, 2082 B.S. The meeting will discuss dividend distribution and other proposals, including strategic decisions regarding the bank’s operations.

For AGM purposes, the bank has set book closure on Kartik 18, 2082 B.S., allowing only shareholders registered by Kartik 17 to attend the meeting and receive the proposed dividends.

Dividend Proposals

The bank has proposed a total dividend of 10.53%, comprising:

  • 6% bonus shares from the profit of fiscal year 2081/82

  • 4.53% cash dividend (including tax)

The dividend will be distributed to shareholders after approval in the AGM.

Ordinary Proposals

  1. Discuss and approve the board’s annual report for FY 2081/82.

  2. Approve the auditor’s report and annual financial statements, including balance sheet, profit & loss statement, cash flow, and equity changes for FY 2081/82.

  3. Approve distribution of 4.53% cash dividend from the current paid-up capital of Rs. 5,68,05,17,327.57 (total Rs. 25,73,27,434.94).

  4. Appoint an auditor for FY 2082/83 and determine remuneration.

Special Proposals

  1. Approve distribution of 6% bonus shares from current paid-up capital of Rs. 5,68,05,17,327.57 (total Rs. 34,08,31,039.65).

  2. Increase the bank’s authorized capital to Rs. 6,10,00,00,000.

  3. Relocate the registered head office from Lazimpat, Kathmandu to Ward No. 3, Baluwatar, Kathmandu.

  4. Approve changes to the bank’s logo and seal.

  5. Approve reimbursement and allowances for directors, including meeting fees, telephone, newspapers, and internet expenses.

  6. Authorize the board to explore mergers and acquisitions with other licensed banks and financial institutions, including:

    • Conduct due diligence audits of target institutions

    • Prepare and sign Memorandum of Understanding (MoU)

    • Obtain regulatory approvals and amend the bank’s memorandum and articles of association as needed

  7. Amend the bank’s memorandum and articles of association in accordance with approvals for special proposals 1–5.

  8. Empower the board to make additional amendments, modifications, or language revisions as required by Nepal Rastra Bank, Companies Registrar, or Nepal Securities Board regarding the memorandum and articles of association.

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