Kasthamandap Dev. Bank to auction unsold 1.07 lakh units ordinary shares at Rs 100 & above from Chaitra 22

Kasthamandap Development Bank Limited (KDBL) will be auctioning its ordinary right shares to the general public from Chaitra 22, 2073. As per the notice published by the development bank today, the bank is selling 1,07,601.20 units ordinary share after the rights shares issued on Poush 24, 2073 were not fully subscribed by the shareholders. The bank had offered right shares at the ratio of 4:1. The auction will last till Chaitra 28, 2073. The bid will open to conclude the auction on Chaitra 30, 2073 at 3:00 PM. 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 100 units of ordinary shares. 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 Chaitra 28 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. KDBL has earned net profit of Rs 10.17 crore in the second quarter of the fiscal year 2073/74. Kumari Bank is in the final process of acquiring Kasthamandap Development Bank Limited. The share swap ratio for the acquisition has been fixed at 100:85. Trading of Kasthamandap Development bank has been halted in Nepal Stock Exchange following the acquisition process. Its last traded price stood at Rs 500 as on October 2, 2016.