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

The bids received in the auction of 12,57,290 unit ordinary shares of Ngadi Group Power Limited (NGPL) has been opened today, i.e. 24th Ashwin, 2079.

The auction had opened on 2nd Ashwin and concluded on 13th Ashwin, 2079 at the end of banking hours. 12,57,290 unit ordinary shares were auctioned.

This is the unclaimed portion of the rights offering that closed on Bhadra 07, 2079. The issue had opened on 18th Shrawan. A total of 1,06,03,986 shares were issued to the eligible shareholders at a par value of Rs. 100 per unit. Eligible applicants were allotted 93,46,696 shares. Thus, the remaining 12,57,290 shares were auctioned from Ashwin 02.

Siddhartha Capital Limited was appointed the auction manager. Bids had opened today at the head office of the company located at Narayanchaur, Naxal, Kathmandu, starting at 8 am. The existing promoters, general public, and institutions were all eligible to bid for 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, a total of 1092 applicants placed bids for around 65,67,717 unit ordinary shares. The tentative cut-off rate is Rs. 161 whereas maximum bid rate stood at Rs. 305. Once all of the checks get reconciled and cleared, the cut-off price may vary.

As of writing, the company's LTP stands at Rs. 216 per share.