Almost 40% right shares (10.40 lakh units) of Sewa Bikas Bank unclaimed by promoters; total 12.61 lakh unclaimed right shares to be auctioned from Falgun 17

Sewa Bikas Bank Limied (SEWA) had floated 51,06,662 units right shares in the ratio 1:1.2 from Mangsir 23 to Poush 27, 2073. The development bank has 51:49 ratio promoter – public shareholding structure. Out of those right shares, 51% or 26,04,397.62 units were set aside for promoters, and 49% or 25,02,264.38 units were set aside for the general public. Almost 40% of the floated right shares for promoters and 9% of ordinary shares have not been subscribed by the bank’s shareholders. Such huge unclaimed data shows a very low confidence of the promoters towards the bank. Sewa Bikas Bank will now be auctioning 10,40,171 units unclaimed promoter shares. These unclaimed promoter right shares will be auctioned only to the existing promoters of the development bank. As per a source, the development bank has around 300 promoters. General public can bid for the unclaimed 9% i.e. 2,21,607 units ordinary right shares only and not for the promoter shares. Only, if the above mentioned promoter shares are not subscribed in this auction, those unclaimed promoter shares will be re-auctioned later upon the consent of BoD for the general public. A separate notice will be published if all shares are not claimed in this auction. The auction for 10,40,171 units promoter shares and 2,21,607 units ordinary shares starts from Falgun 17 to Falgun 23, 2073. Interested bidders must apply for a minimum of 100 units ordinary shares and 1000 units of promoter shares. NMB Capital Limited is managing this issue for the development bank. Sewa Bikas Bank’s paid up capital after capitalization of 19% bonus for FY 2072/73 stands at Rs 50.64 crore. After the capitalization of right shares, its paid up capital will reach Rs 1.01 arba. It has signed an agreement for merger with Kamana Bikas Bank. Kamana Bikas Bank has a paid up capital of Rs 66.16 crore. After the capitalization of 21.58% bonus for the FY 2072/73, its paid up capital will reach Rs 80.43 crore. The name of the merged entity will be Kamana Sewa Bikas Bank, and will start operations as a national level development bank.