Kathmandu: Non-Resident Nepali Association (NRNA) founding president Upendra Mahato and Laxmi Group have exited from the Promotor shareholding of Machhapuchhre Bank. Mahato had already sold part of his shares during the fiscal year 2080/81 (2023/24) to repay a loan taken from Himalayan Bank for Medicity Hospital.
According to the regulations, a member of the board of directors cannot sell their or their immediate family’s shares within one year after leaving the board. However, facing financial pressure and the need to clear his bank dues, Mahato sold shares registered under his brother Surendra Mahato’s name during the fiscal year 2080/81. Later, after completing one year since stepping down as a director, Mahato also sold his remaining shares under his own name to his brothers Birendra Mahato and Surendra Mahato, formally exiting the bank both administratively and financially.
As of fiscal year 2080/81, Upendra Mahato held 9.14% of the bank’s promotor shares. By the end of fiscal year 2081/82 (2024/25), his shareholding has dropped to zero. Meanwhile, Surendra’s stake increased from 1.71% to 7.74%, and Birendra’s from 0.61% to 1.58%.
During fiscal year 2080/81, the Employees Provident Fund (EPF) purchased 9.24% of the bank’s shares, which were previously under Surendra Mahato’s name, marking fund’s entry into Machhapuchhre Bank. Later, the shares that Upendra Mahato had sold to his brothers to settle loans were returned to them, restoring their ownership.
On the other hand, as Laxmi Group exited the bank, Sun Nepal Life Insurance entered as a new promotor shareholder. Laxmi Group Chairman Ganesh Bahadur Shrestha sold 0.91% of bank’s shares, while Sun Nepal Life purchased 0.86%, marking its entry into the bank. Similarly, NMB Saral Saving Fund E sold its 0.54% shareholding, and another Laxmi Group member, Ajad Shrestha, sold 0.57% of ownership.
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