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

The bids received in the auction of 5,63,261 unit ordinary shares of Synergy Power Development Limited (SPDL) opened on today i.e. 22nd Kartik, 2080.

The auction opened on 1st Kartik and concluded on 15th Kartik at the end of banking hours. 5,63,261 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 3rd Bhadra to 31st Bhadra, 2080. The same unsold right shares were auctioned to the general public.

Sanima Capital Limited was appointed as the auction manager. Bids opened at the head office of the company located at Naxal, Kathmandu, starting today at 10 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 683 applicants placed bids for around 5,63,261 unit ordinary shares. The tentative cut-off rate is Rs. 142.60 whereas the maximum bid rate stood at Rs. 161. 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 166. per share.