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

Narayani Development Bank Limited (NABBC) has opened the bids received in the auction of its unclaimed ordinary and promoter right shares today.

The auction was open from 10th Chaitra to 17th Chaitra, 2078. 13,651 unit ordinary shares and 1,31,998 unit promoter shares were auctioned. This is the unclaimed portion of the company's rights offering. The company closed its 1:1 rights offering on 12th Magh; the issue had opened on 7th Poush, 2078. A total of 13,12,338 unit shares were issued at a par value of Rs. 100 per share on the paid-up capital of Rs. 13,12,33,800.

The general public, companies, and institutions were all eligible to bid in the auction. Rs. 100 was the minimum bid rate for the auction. While the minimum bid quantity was 100 units, there was no upper limit for both shares. Although bidders could bid for the entirety of the issue, they were required to abide by Nepal Rastra Bank's rule to not exceed the specified quantity of shares per entity.

Global IME Capital Limited was appointed the auction manager. According to the auction manager, Rs. 422 is the tentative cut-off price for the ordinary shares while Rs. 115 is the cut-off price for promoter shares. The shares have been auctioned away in their entirety.