Civil Bank’s auctioned promoter shares fully sold in third go; cutoff stands at Rs 100

Thu, May 24, 2018 10:23 AM on Auction, Latest, Stock Market,

Civil Bank Limited (CBL) had auctioned its unsold right shares from Jestha 2, 2075 to till Jestha 9, 2075 for the third time. The auction had been opened for 29.92 lakh unit right shares of promoter group.

Laxmi Capital Market Limited is the issue manager for the auction.

According to the officials at Laxmi Capital, a total of 41 applications were received for the auction. The maximum bid price stood at Rs 150. Among the applicants were Employee Provident Fund (EPF), Rastriya Beema Company and Prabhu Life Insurance Company.

Of the 29.29 lakh units auctioned, 27,58,800 were allotted to EPF, 145,000 units to Rastriya Beema Company and remaining to others. The EPF had applied for the entire auctioned units at Rs. 100, but wasn’t fully allotted. All other parties bidding above Rs. 100 were fully allotted.

The bank’s current paid up capital is Rs 5.18 arba. After the adjustment of 40% right shares, its paid up capital will reach Rs 7.25 arba. However in order to meet the paid-up capital requirement as per NRB they still have to raise around Rs. 75 crore. The public right shares are fully subscribed and the promoter too got subscribed today, now the bank can meet the paid-up by issuing Bonus shares.