Sana Kisan Bank and RMDC allot shares

KATHMANDU, AUG 16:

Two microfinance banks — Sana Kisan Bikas Bank and Rural Microfinance Development Center (RMDC) — have allotted shares to the public.

Sana Kisan Bikas Bank has allotted 3.2 per cent of the applied amount that is between 10 to 16 unit shares to small investors who had applied for less than 500 shares. Big investors who had applied for more than 500 units have been allotted 2.4 per cent of the applied amount. Likewise, investors who had applied for between 50 to 290 units were offered 10 units based on a lottery system.

It had conducted an initial public offering (IPO) of 600,000 unit shares in the second week of July. The offering — managed by Elite Capital — was oversubscribed by more than 30 times. It had already set aside 30,000 units for mutual funds and 18,000 units for employees.

Following the IPO, the class ‘D’ microfinance bank will now have Rs 200 million as paid up capital and 17,740 shareholders.

Another class ‘D’ institution — RMDC — has also allotted shares to public. RMDC had offered 1.56 million units of primary shares for Rs 180 per unit — at face value of Rs 100 with added premium of Rs 80 in second week of July. IPO — managed by Ace Capital — got applications for a total of 17,429,240 units from 29,172 big and small investors.

RMDC allotted 12.15 per cent of shares applied for by small investors and large investors were allotted 6.88 per cent of total shares allotted. Likewise, investors who had applied for less than 70 units were allotted shares through a lottery system. RMDC had already set aside 31,200 units for its employees and 78,000 unit shares for mutual funds.

Source: THT