Bid Opening concludes for the auction of National Microfinance and Nepal Credit & Commerce Bank's promoter shares; How much is the cut-off price?

The bid opening is complete for the auction of National Microfinance and Nepal Credit & Commerce Bank's promoter shares.

National Microfinance Laghubitta Bittiya Sanstha Limited had auctioned its 1,10,000 units promoter share to the general public from 2nd Ashwin to 6th Kartik, 2077. The minimum bid rate for the auction was set at Rs. 725 while the minimum bid quantity was 1,000 units.

The bid opening for the action has completed today at the premises of NIBL Ace Capital Limited. According to the auction manager NIBL Ace Capital, the auction only received bids for a total of 6,000 units. Thus, 1,04,000 units were unsubscribed. The lowest bid rate was Rs. 733 and the highest was Rs. 777. All of the bidders will be allotted the shares.

Similarly, Nepal Insurance Company Limited had also auctioned its 5,00,000 units promoter shares of Nepal Credit & Commerce Bank Limited from 2nd Ashwin to 6th Kartik, 2077. The minimum bid rate was set at Rs. 110 while the minimum bid quantity was 1,000 units.

According to the issue manager, Rs. 116 is the tentative cut-off price based on preliminary data. Rs. 141 was the highest bid. The auction manager has requested the list of promoters from the company. Since promoters will be prioritized during allotment, the actual cut-off price may change.