Bids Opened: Only 8 Applicants Submitted Bids for auction of promoter shares of Forward Microfinance; 60,600 units allotted

The bid-opening for the bids received in the auction of promoter shares of Forward Microfinance Laghubitta has completed today.

RMDC Laghubitta Bittiya Sanstha Limited had auctioned 3,75,307.57 units promoter shares of Forward Microfinance Laghubitta Bittiya Sanstha Limited (FOWAD).

The auction opened from 4th Mangsir and concluded on 8th Poush, 2077. The existing promoters, general public, and institutions were all eligible to bid for the auction.

Rs. 953.36 was the minimum bid rate for the auction. According to the auction manager NIBL Ace Capital, the auction received 8 bids for a total of 60,600 units. The highest bid was Rs. 1,055 and the lowest was Rs. 954. All the bidders are allotted the units for which they applied. Needless to say, the remaining shares will be reauctioned.

Given that RMDC Laghubitta got the shares at a par value of Rs. 100, the company profited a minimum of Rs. 853 on each share (approx). Thus, with this auction, a hefty sum of Rs. 5,16,91,800 is already added in the books of RMDC Laghubitta as Non-Operating Income. If the remaining shares are completely subscribed in the re-auction, the profit added will be exponential.