124 bidders allotted 95,174 units auctioned ordinary shares of Mission Dev. Bank; Cutoff price at Rs 281

Mission Development Bank Limited (MIDBL) had auctioned its 95,174 units ordinary shares and 24,556 units promoter shares to the general public from Baisakh 28, 2074 till Jestha 4, 2074. The bids were opened yesterday (Jestha 7, 2073) at 3:00 PM. As per an official of Vibor Capital Limited, which managed the auction for Mission Development Bank, informed that the cut off price for 95,174 units ordinary shares stood at Rs 281. The highest bid amount for the auction shares received was Rs 440. Total 158 applicants had submitted their bids for 95,174 units ordinary shares and only 124 of them got shares. Likewise, for 3,24,556 units promoter shares, the bank has set cut off price of Rs. 111.13.  The highest bid amount for the auction shares received was Rs. 128.16. Total 22 applicants submitted their bids for promoter shares and only 12 of them got shares. Mission Development Bank Limited has earned net profit of Rs 3.66 crore in the second quarter of the FY 2073/74. As per NRB’s directive for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, MIDBL will need to issue a further capital hike of around 28.28%. Its last trade price (LTP) stood at Rs 430 as on May 22, 2017.