Excel Development Bank to auction unclaimed 18,286.50 units ordinary right shares from Mangsir 24

Excel Development Bank Limited (EDBL) is going to auction 18,286.50 units ordinary shares from Mangsir 24. 2074. As per the notice published by the bank today, The development bank is selling 18,286.50 units ordinary shares after the right shares issued on  Ashwin 18. 2074 , 2074 were not fully subscribed by its shareholders. The company had offered 19,22,812.5 units right shares in the ratio 2:1 and around 0.95% of the total right issue was unsubscribed. The auction will close on Poush 9, 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 100 units of share. The number of shares applied must be a multiple of 10. Ace Capital Limited is the issue manager for this auction. The bank has urged interested bidders to submit their bids by 3:00 PM till Poush 9, 2074 at Ace Capital located at Laldurbar, Kathmandu. The investors applying for the auction can deposit the bid amount in the name of Ace Capital Limited in account number 05001050008173 of Nepal Investment Bank Limited. 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.