Excel Development Bank to auction 0.95% unclaimed 18,286.5 units ordinary right shares at Rs 100 & above

Excel Development Bank Limited (EDBL) will be auctioning its ordinary right share to the general public. The development bank had floated 2:1 (19,22,812.5 unit) right shares to its shareholders on Ashwin 18, 2074. It has allotted only 19,04,526 units  right shares and remaining 18,286.5 units unclaimed right shares will  be sold through auction. As per an official of Ace Capital, “the bank will be selling 18286.5 units ordinary shares as right shares were not fully subscribed by the investors. All promoter right shares were claimed by the promoters.” The date for the auction shares has not been fixed yet, added the official. Excel development bank will be convening its 12th Annual General Meeting (AGM) on Mangsir 17, 2074. The AGM will approve 30.12% bonus shares from the net profit of FY 2073/74. Right shareholders including auction allottees are not eligible for the proposed bonus share of the company. Excel Development Bank has earned net profit of Rs 3.15 crore in the first quarter of the fiscal year 2074/75 as per its unaudited report. Its paid up capital remains at Rs 38.45 crore. After distribution of 50% right shares, it reached Rs 57.67 crore and after 30.12% bonus share distribution, its paid up capital will reach to Rs 69.26 crore. As a 1-3 district level development bank, EDBL had to increase its paid up capital to Rs 50 crore as per NRB directive.