108 bidders allotted 40,826 units auctioned ordinary shares of Saptakoshi Dev. Bank; Cutoff price at Rs 251; promoter cutoff at Rs 105

Saptakoshi Development Bank Limited (SKDBL) had auctioned its 40,826 units ordinary and 56,700 units promoter right shares to the general public from Chaitra 18, 2073 till Chaitra 25, 2073. The bid was opened yesterday (Chaitra 27, 2073). An official of NMB Capital Limited, which managed the auction for Saptakoshi Development Bank, informed that the cut off price for 40,826 units ordinary shares stood at Rs 251. The highest bid amount for the auction shares received was Rs 400. Total 279 applicants had submitted their bids for 40,826 units ordinary shares and only 108 of them got shares. Similarly, for 56,700 units promoter shares, the bank set a preliminary cut off price of Rs. 105.  The highest bid amount for the auction shares received was Rs. 123. Total 7 applicants submitted their bids for 56,700 units of promoter shares and all of them got shares. Saptakoshi Development Bank's 4^th Annual General Meeting (AGM) held on Poush 28, 2073 had also endorsed 11% bonus share and 1:1.3 (130%) right share to its shareholders. After the issuance of 100 percent right, 11 percent bonus and again 130 percent right share, its paid up capital will reach Rs 48.53 crore. As per NRB’s directive for all 1-3 district level development banks to maintain a minimum paid up capital of Rs 50 arba by the end of FY 2073/74, SKDBL will need to further increase its paid up capital by only 3%. Its last traded price stood at Rs 280 as on April 9, 2017.