API Power Company Limited (API) has allotted its 4,49,328 units ordinary share issue to the general public from 18th Jestha to 26th Jestha, 2079. The company is refunding money to the non-allottee investors from 8th Ashad, 2079.
4,49,328 units ordinary right shares were auctioned which was the unclaimed portion of the rights offering. The company opened its rights offering for 1: 0.393632 (1,08,60,000 units) from 25th Chaitra, 2078 to 15th Baisakh, 2079. The same unsold right shares were auctioned to the general public. Individuals and institutions were all eligible to bid for the auction.
Rs. 100 was the minimum bid rate for the auction. While the minimum bid quantity was 100 units, there was no upper limit for both shares. Although bidders could bid for the entirety of the issue, they were required to abide by Nepal Rastra Bank's rule to not exceed the specified quantity of shares per entity.
According to the auction manager, Rs. 240 was the cut-off rate for the ordinary shares. Those who bid at Rs. 240.10 have got the quantity they asked for, and those who bid at Rs. 240 have been allotted proportionately.