Bids Received in Auction of HIDCL Promoter Shares Opened; What is the Cut-Off Rate?

Hydroelectricity Investment and Development Company Limited (HIDCL) opened the bids received in the auction of its unclaimed right shares today i.e. Bhadra 12. Global IME Capital was appointed the auction manager for the auction. Bids were opened at the premises of the auction manager, starting at 8:00 am.

The auction opened on 29th Shrawan and concluded on 6th Bhadra, 2081 at the end of banking hours. In total 1,68,59,050 unit promoter shares were auctioned. Individuals, institutions, and companies were all eligible to bid in the auction.

Previously, the company offered 3,30,00,000 promoter shares to the general public from the 5th to the 19th of Ashadh, 2079. However, only 4,604,995 shares were sold. The remaining 23,204,485 shares were re-auctioned from the 20th of Bhadra to the 4th of Ashoj, 2079, with only 1,007,170 shares sold.

The remaining 22,197,325 shares were then re-auctioned from the 22nd of Magh to the 8th of Falgun, 2079, but only 4,357,185 units were sold. Following this, 1,78,40,140 shares were re-auctioned from the 25th of Chaitra, 2080 to the 9th of Baisakh, 2081, with only 9,81,090 units sold. As a result, the final batch of 1,68,59,050 units was again auctioned from the 29th Shrawan, 2081. It is important to note that 1,61,40,950 units of promoter shares have already been listed on NEPSE.

According to the auction manager, approximately 2,500 applicants submitted bids for the promoter shares. Initially, the auction manager indicated a tentative cut-off rate of Rs. 145.66. However, after further review, the concerned authority later announced that the tentative cut-off rate had been adjusted to Rs. 136. It’s important to note that the final cut-off price and the number of units may still be subject to change once all verifications are completed.

Rs. 100 was the minimum bid rate for 1,68,59,050 promoter shares. The minimum bid quantity was 100 unit shares, while there was no limit for the maximum bid quantity.

The shares will trade as promoter shares under the HIDCLP.