API Power Company Limited is auctioning its unclaimed right shares. The auction will open today, i.e. on Shrawan 13, and close on Shrawan 20, 2078.
2,15,599 units shares will be auctioned. This is the unclaimed portion of the rights issue that concluded on Ashar 13.
Rs. 100 is the minimum bid rate. 100 is the minimum bid quantity. Bidders can bid for the entirety of shares. However, they are required to abide by Nepal Rastra Bank's rule to not exceed the specified quantity of shares per entity.
If the shares are auctioned away at an average price equal to the company's market price, each share will bring an extra Rs. 329 as non-operating income. If all the shares are auctioned away, this auction will add a total of Rs. 7,09,32,071 as non-operating income. However, note that this is only an approximation, and the LTP is not an accurate representation of the auction cut-off price. Nonetheless, it has been statistically found that most auction cut-off rates are 10% below the company's market price.
Muktinath Capital has been appointed the auction manager.