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

Nepal Finance Limited (NFS) has opened the bids received in the auction of its promoter and ordinary shares yesterday i.e. 30th Ashad. Prabhu Capital was appointed the auction manager. Bids were opened yesterday at the premises of the auction manager, Kamaladi, Kathmandu, starting at 8 AM.

The auction had opened on 17th Ashad and concluded on 24th Ashad, 2079 at the end of banking hours. 11,36,716.187 promoter shares and 3,02,696.088 ordinary shares were auctioned. This is the unclaimed portion of the 1:0.70 ratio right shares i.e 34,54,474.275 rights offering. The rights offering was open from Jestha 06 till Jestha 26, 2079. Baisakh 21 was the book closure date.

The general public, companies, and institutions were all eligible to bid in the auction. Rs. 100 was the minimum bid rate, there was no upper limit for both shares.

According to the auction manager, a total of 329 applicants placed bids for ordinary shares. The cut-off price for the same stood at Rs. 173. The maximum bid for ordinary shares stood at Rs.300. Similarly, only 2 applicants placed bids for promoter shares and the cut-off price for the same stood at Rs. 100. In total 11,34,716.187 units of promoter shares remained unsold in this auction.