Bids Received in Auction of Singati Hydro Energy Ordinary Shares Opened; What is the Cut-Off Rate?

The bids received in the auction of 46,11,539 unit ordinary shares of Singati Hydro Energy Limited (SHEL) opened on 27th Chaitra, 2080.

The auction application opened on the 12th Chaitra and concluded on the 20th Chaitra at the end of banking hours. 46,11,539 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 2nd Falgun to 22nd Falgun, 2080. The same unsold right shares were auctioned to the general public.

Muktinath Capital Limited was appointed as the auction manager. Bids opened at Green Leaves Restaurant, Narayanchaur, Naxal, Kathmandu, starting from 8 a.m. today morning. 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 2,900 applicants placed bids for 46,11,539 unit ordinary shares. The tentative cut-off rate is Rs. 146.00. 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 188.00 per share.