Janata Bank re-auctioning unclaimed 21,726 units promoter shares at Rs 100 & above from Baisakh 15

Janata Bank Nepal Limited (JNBL) will be auctioning its 21,726 units unsold promoter shares from Baisakh 15, 2074. As per the notice published by the commercial bank today, it is reselling 21726 units promoter shares as all the right shares were not subscribed by its shareholders in the previous auction. Only 3.74 lakh units out of total 3.96 lakh units were subscribed in the previous auction. The auction will last till Baisakh 21, 2074. The bid will open to conclude the auction on Baisakh 22, 2074 at 3:00 PM. The auction money will be refunded on Baisakh 26, 2074. Bidders must quote a minimum price of Rs 100 per unit, which means that the lowest bid amount must be more than Rs 100. Interested bidders must bid for a minimum of 1000 units of promoter shares . The number of shares applied must be a multiple of 10. NCM Merchant Banking Limited has been assigned as the issue manager for this auction. The bank has urged interested bidders to submit their bids by 3:00 PM till Baisakh 21 at NCM Merchant located at Kamalpokhari, Kathmandu. The investors applying for the auction can deposit the bid amount in the account number 0690000132001 maintained in the name of NCM Merchant Banking Limited at Sunrise Bank Limited. Bidders can also apply through a “Good for Payment” cheque made in the name of Janata Bank Nepal Limited. JBNL’s trading is in halt in Nepal Stock Exchange Limited (NEPSE) since October 28, 2016 following its merger with Triveni Bikas Bank Limited. Its last traded price stood at Rs 387 as on October 27, 2016. Janata Bank has earned net profit of Rs 16.13 crore in the second quarter of the fiscal year 2073/74 as per unaudited report. It is undergoing merger with Triveni Bikas Bank Limited with a share swap of 1:1. After the merger, the capital of the merged entity will reach Rs 4.72 arba, and will issue a further 60% right. After the issuance of right share, its paid up capital will reach Rs 7.55 arba. As per NRB’s requirement for all commercial banks to maintain a minimum paid up capital of Rs 8 arba by the end of FY 2073/74, JBNL aims to hike the paid up target by issuing bonus shares.