Nepal Grameen FPO allotment concludes; 97,500 applicants allotted with 10 kitta shares through lottery, 3,791 applications invalid

- ShareSansar, October 17, 2017  on Featured , IPO News , Latest , Stock Market

Prabhu Capital Limited, the issue manager for the Further Public Offering (FPO) of Nepal Grameen Bikas Bank Limited (NGBBL), has allotted 9,75,000 units FPO shares today. The allotment was held at Prabhu Capital’s premises in Kamaladi, Kathmandu at 8:30 AM.

Out of 2,50,524 valid applicants, only 97,500 applicants have been allotted a minimum number of 10 units through lottery.

There were 2,54,315 applicants but application of 3,791 applicants were cancelled due to double application, mistakes in Demat account number and application made for more or less than mentioned kitta.

The blocked amounts of the applicants will be unfreeze after 3 working days from the notice sent by the capital to respective bank.

Nepal Grameen Bikas Bank had issued 9,75,000 units shares worth Rs 9.75 crore as part of its FPO from Bhadra 27, 2074 to Bhadra 31, 2074. The FPO was issued at a face value of Rs 100 per share i.e. without adding any premium to the par value.

Applicants were required apply for a minimum of 50 units of shares and they could apply for up to 4,870 units shares.

After the FPO, the paid-up capital of Nepal Grameen Bikas Bank will reach around Rs 55.75 crore and its promoter – public shareholding structure will be maintained at 69.908% and 30.092%.

ICRA Nepal had assigned [ICRANP] IPO Grade 4 rating to this FPO, indicating below-average fundamentals.

NGBBL is a national-level microfinance development bank based in Butwal, formed in 2014 by the merger of 5 microfinance companies: Purwanchal Grameen Bikas Bank, Madhyamanchal Grameen Bikas Bank, Paschimanchal Grameen Bikas Bank, Madhya Paschimanchal Grameen Bikas Bank and Sudur Paschimanchal Grameen Bikas Bank Limited.