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

Samriddhi Finance Company Limited (SFCL) has opened the bids received in the auction of its unclaimed right shares today, i.e. 14th Baisakh. BOK Capital was appointed the auction manager. Bids were opened today at the premises of the auction manager, Naxal, Kathmandu, starting at 3:30 PM.

The auction had opened on 29th Chaitra, 2078, and concluded on 7th Baisakh, 2079 at the end of banking hours. 73,100 unit ordinary shares and 8,67,366 unit promoter shares were auctioned. This is the unclaimed portion of the 2: 1 rights offering. The finance company allotted its 2:1 ratio rights offering on 16th Chaitra, 2078. The rights offering was open from 8th Falgun to 29th Falgun, 2078. Poush 11 was the book closure date.

Of the 27,29,705 shares issued, the company only received valid applications for 17,89,239 shares, which was allotted. The remaining 73,100 unit ordinary shares and 8,67,366 unit promoter shares, totalling 9,40,466 shares were auctioned by the company.

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 273 applicants placed bids for ordinary shares. The cut-off price for the same stood at Rs. 205. The maximum bid for ordinary share stood at Rs. 251. Similarly, a total of 12 applicants placed bids for promoter shares and the cut-off price for the same stood at Rs. 101 and the maximum bid for promoter share stood at Rs. 160. In total 7,72,666 units promoter shares remained unsold in this auction.