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

The bids received in the auction of 11,35,657 unit ordinary shares of Ridi Power Company Limited (RIDI) opened on 13th Baishakh, 2081.

The auction application opened on the 29th of Chaitra, 2080, and concluded on the 9th of Baishakh, 2081 at the end of banking hours. 11,35,657 units of ordinary right shares were auctioned.

This is the unclaimed portion of the rights offering. The company opened a 1: 0.50 ratio right share issue to its shareholders from 18th Falgun to 8th Chaitra, 2080. The same unsold right shares were auctioned to the general public.

Muktinath Capital Limited is the auction manager. Bids opened at the head office of the company located at Narayanchaur, Naxal, Kathmandu, starting today at 8:00 a.m. The 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 1,533 applicants placed bids for 11,35,657 unit ordinary shares. The tentative cut-off rate is Rs. 148.10. 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 168.50 per share.