8 underwriters required to shoulder responsibility of over Rs 56 crore in Butwal Power’s FPO; a public issue worth to be forgotten
Wed, Feb 28, 2018 5:29 PM on Latest, IPO/FPO News, Featured, Stock Market,
After much controversies and prolonged anticipation, the Further Public Offering of Butwal Power Company Limited (BPCL) has reported collection of around Rs 1.46 arba from 85K applicants. This has left nearly 11.50 lakh shares worth of over Rs 56 crore to be left for the underwriters to get hold of.
With this latest development, 8 underwriters which had backed the FPO issuance amidst the series of controversy have been forced to purchase the huge block of left-over shares. These underwriters are NMB Capital, Laxmi Capital, NIBL Ace Capital, Global IME Capital, Global IME Sammunat Yojana-1, Nabil Investment, Nabil Balance Fund-1 and Nabil Equity Fund.
BPCL had floated its 40.81 lakh unit shares worth of Rs 2.04 arba to general public at Rs 501 per share despite of facing series of oppositions from different investors groups.
The issue was set open for institutional investors on Magh 26, 2074 after it couldn’t amass a decent collection figure even after weeks of continuous public persuations. Nearly 3 weeks after the decision to welcome institutional investors, the fate of the FPO still remained sour as no big investments were committed for the FPO shares.
The price of BPCL shares in secondary market kept bledding throughout this month and the last trading price as of Falgun 16, 2074 is Rs 518 which is dangerously close to the price in which FPO had been offered.
BPCL had floated its 40.81 lakh unit shares worth of Rs 2.04 arba to general public at Rs 501 per share despite of facing series of oppositions from different investors groups.
The issue was set open for institutional investors on Magh 26, 2074 after it couldn’t amass a decent collection figure even after weeks of continuous public persuations. Nearly 3 weeks after the decision to welcome institutional investors, the fate of the FPO still remained sour as no big investments were committed for the FPO shares.
The price of BPCL shares in secondary market kept bledding throughout this month and the last trading price as of Falgun 16, 2074 is Rs 518 which is dangerously close to the price in which FPO had been offered.
