Nepal Bangladesh Bank (NB Bank) has written to Bangladesh-based IFIC Bank asking it to submit the amount it owes to NB Bank on the purchase of promoters shares by August 21st .
The NB Bank extended the deadline by one month after IFIC sought more time to send the money. Earlier, IFIC had been given three months to submit the money. In order to increase its stake in Nepal Bangladesh Bank to 51 percent from existing 9.18 percent, IFIC had announced to purchase the shares of NB Bank owned by Bank Asia Bangladesh and NB Group and people associated with the group.
Bank Asia Bangladesh has 26,67,500 units of shares (13.77 percent) in NB Bank, whereas NB Group and people associated with the group own 38,03,434 units of shares in the company. IFIC had agreed to pay Rs 220 per share. Bank Asia Bangladesh is set to receive Rs 695,350,000 and NB Group and associated people will get Rs 988,892,000 from the sale of the shares.
But NB Group promoters stand to gain nothing from the sale. NB Group had pledged the shares of Bangladesh Bank with different banks to take loans. Since the loans taken by NB Group exceed the total price of its shares, NB promoters would not get even a penny from the sale of the shares.
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