Bids Received in Auction of Ngadi Group Power Limited Ordinary Shares Opened; What is the Cut-Off Rate?

The bids received in the auction of 8,73,061.225 unit ordinary shares of Ngadi Group Power Limited (NGPL) opened yesterday on 4th Chaitra, 2081.

The auction application opened on the 20th Falgun, 2081, and concluded on the 28th Falgun, 2081 at the end of banking hours. 8,73,061.225 units of ordinary right shares were auctioned.

This is the unclaimed portion of the rights offering. The company opened a 1: 1 ratio right share issue to its shareholders from 14th Magh to 29th Magh, 2081. The same unsold right shares were auctioned to the general public.

Siddhartha Capital Limited is the auction manager. Bids opened at the head office of the company located at Naxal, Kathmandu, starting today at 7:00 a.m. The general public and institutions were all eligible to bid in the auction.

Rs. 100 was the minimum bid rate for the auction. While the minimum bid quantity for shares was 100 units, there was no upper limit. Although bidders could bid for the entirety of the issue, they were required to abide by the regulatory body rule to not exceed the specified quantity of shares per entity.

According to the auction manager, The tentative cut-off rate is Rs. 267. 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 277.00 per share.