Bids Received in Auction of National Hydro Power Company Ordinary Shares Opened; What is the Cut-Off Rate?

The bids received in the auction of 13,36,742.7178 unit ordinary shares of National Hydro Power Company Limited (NHPC) opened today, i.e. 29th Bhadra, 2080.

The auction opened on 13th Bhadra and concluded on 24th Bhadra at the end of banking hours. 13,36,742.7178 units of ordinary right shares were auctioned.

This is the unclaimed portion of the rights offering. The company opened a 10: 5 ratio right share issue to its shareholders from 29th Ashad to 18th Shrawan, 2080. The same unsold right shares were auctioned to the general public. This was 16.25% of the total right shares issued to the shareholders of the company.

Muktinath Capital Limited was appointed the auction manager. Bids opened today at the head office of the company located at Narayanchaur, Naxal, Kathmandu, starting at 9 a.m. The existing promoters, the general public, and institutions were all eligible to bid for the auction.

According to the auction manager, the tentative cut-off rate stood at Rs. 111. Once all of the checks get reconciled and cleared, the cut-off price may vary.

The last traded price of the scrip stands at Rs 144 per share.