NIDC Dev. Bank to refund Nabil Bank Promoter shares non-allottees money from Jestha 9; Negligence took 25 days to refund money

NIDC Development Bank Limited (NIDC) had auctioned for 1, 62,981 units of (Group B) promoter shares of Nabil Bank Limited through an auction to end the crossholding among the BFIs. As per the company’s notice, the non allotees investors will be refunded within 15 days from the day of bid opening day and still the bank have not refunded the money. However, it has exceeded more than 25 days. According to the official of NIDC Development Bank “We will be refunding the money to non allotees investors from Jestha 9, 2073.” The auction started from Chaitra 12, 2072 and lasted till Baisakh 2, 2073. The closed bid was opened on Baisakh 14, 2073 at its head office at Dubarmarg in Kathmandu. The bank had set the cut-off price for the 1, 62,981 units promoter shares of Nabil bank at Rs 1631. Only 4 applicants were allotted shares out of the 684 applicants who submitted their bids for 1, 62,981 units of promoter shares of Nabil Bank.