Annapurna cable car to be financed by sunrise and RBB

Annapurna Cable car to be constructed in Sarangkot of Kaski has obtained a consortium loan under the headship of Sunrise Bank. The cable car project which is ought to be 2.3 kilometres long will be jointly financed by Sunrise Bank and Rastriya Banijya Bank (RBB). The project is being constructed by Pokhara based tourism entrepreneur Kalu Gurung and Japan-born Nepali Citizen Takasi Miyahara and is scheduled to finish within two years.  The two banks will finance Rs 660 million in the total cost of Rs 896 million for the project. SEBON approves Citizens Bank’s 25% right share Securities Board of Nepal (SEBON) has provided approval to Citizens Bank International Limited (CZBIL) for issuing right shares in the ratio 10:2.5 on Falgun 12, 2073. CZBIL’s 10th AGM had endorsed the agenda to issue further 25% right shares to meet NRB’s minimum paid up capital requirement of Rs 8 arba. CZBIL had requested SEBON for approval on Poush 14, 2073. The commercial bank will be issuing 1,38,43,379 units right shares at the par value of Rs 100 per unit. Sanima Capital Limited has been assigned as the issue manager. CZBIL’s paid up capital currently stands at Rs 5.53 arba. After the issuance of 25% right shares, its paid up capital will reach Rs 6.92 arba. As per NRB’s requirement for all commercial banks to increase their paid up capital to Rs 8 arba by the end of FY 2073/74, CZBIL will need to increase its capital by a further 15.6%.