Cutoff price for 52,765 unit auctioned ordinary shares of Bhargav Bikas Bank stood Rs 277.78

Bhargav Bikas Bank Limited (BHBL) had auctioned 52,765 units ordinary right shares and 32,466 promoter right shares from Jestha 26, 2074 till Ashad 2, 2074 after all of the right shares were not fully claimed by its existing shareholders. The bids were opened yesterday. As per an official of NMB Capital Limited, the issue manager for the auction, the cutoff price for ordinary shares was Rs 277.78 per share. The highest bid price received was Rs. 317 Total 265 applicants submitted their bids for 52,765 units ordinary shares. Likewise, for the promoter shares, the cutoff price is Rs 101 per promoter share. Only 3 applicants had bid for 32,466 units promoter shares and all of them got shares. All the auctioned promoter shares were fully subscribed in this auction added the official. BHBL has earned net profit of Rs 2.43 crore in the third quarter of the FY 2073/74. It has proposed a further 80% right share to meet up with NRB’s directive to increase its paid up capital to a minimum of Rs 50 crore by the end of Ashad 2074. Its last traded price stood at Rs 304 as of yesterday (June 18, 2017).