Auction for 6.01 lakh unit right shares of Lumbini Bikas Bank to commence from today; Existing promoters able to apply for promoters share

Sun, Apr 15, 2018 6:24 AM on Auction, Dividend, Bonus & Rights, Latest, Stock Market,
Auction fo...

The auction for the unsold 6.01 lakh unit right shares of Lumbini Bikas Bank Limited (LBBL) will commence from today. The auction will last till Baisakh 09, 2075.The development bank will be issuing 3,75,336.44 unit ordinary shares and 2,21,989.03 unit promoter shares in the auction.

The bank had floated 20,08,878.47 unit right shares at par value of Rs 100. The bank has allotted 14,07,553 unit right shares to 18,792 applicants. Only the existing promoters can place their bids for the promoter right shares.

Vibor Capital has been appointed as the issue manager for the right share auction.

Bidders must quote a minimum price of Rs 100 per unit, which means that the lowest bid amount must be more than Rs 100.Interested bidders must bid for a minimum of 100 units of shares. But only existing promoter of the bank are eligible to apply for promoter shares.

The bank has urged all bidders to deposit the bid amount in account number 03100120004102000002 maintained in the name of Vibor Capital Limited at Lumbini Bikas Bank Limited.

Its current paid up capital stands at Rs 2.01 arba. After adjustment of 10% right shares, it will reach to Rs 2.21 arba. To meet the capital requirement of Rs 2.50 arba, it should further hike its capital by Rs 29 crore (around 13%).

It had earned Rs 14.37 crore net profit in the second quarter of the current fiscal year.