Auction Bids of MPFL Opened, What's the Cut-Off Rate for Ordinary and Promoter Shares?

Multipurpose Finance Company Limited (MPFL) opened the bids received in the auction of its promoter and ordinary shares yesterday i.e. 17th Kartik. Muktinath Capital was appointed the auction manager. Bids were opened at the premises of the auction manager, Narayanchaur, Naxal, Kathmandu, starting at 8:30 AM.

The auction had opened on 29th Ashwin and concluded on 13th Kartik, 2080 at the end of banking hours. 82,123 promoter shares and 60,650 ordinary shares were auctioned. This is the unclaimed portion of the 1:0.35 ratio right shares i.e. 15,82,000 rights offering. The rights offering was open from 10th Bhadra till 31st Bhadra, 2080.

The general public, companies, and institutions were all eligible to bid in the auction. Rs. 100 was the minimum bid rate. While the minimum bid quantity was 100 units for ordinary shares and 1000 units for promoter shares, there is no upper limit for the shares.

According to the auction manager, the tentative cut-off rate for ordinary shares stood at Rs.260.50 and the tentative cut-off rate for promoter shares stood at Rs. 101.50. Once all of the checks get reconciled and cleared, the cut-off price may vary.

The last traded price of the scrip stands at Rs. 265.50 per share.