Auction of 1.97 Lakh unsold promoters’ right shares of LBBL receives 30 applicants; cutoff stands at Rs.101.01 while maximum bid price stands at Rs.105

Fri, Feb 22, 2019 2:08 PM on Auction, Dividend, Bonus & Rights, Latest,

Lumbini Bikas Bank (LBBL) was collecting bids for the auction of its 197,596.44 Lakh units of unsold promoters’ right shares from 10th February to 15th February, 2019.

Vibor Capital Limited had been appointed as the issue manager for the auction of the shares.

As per the data provided by the issue manager, the cutoff price for the unsold shares stood at Rs.101.01. However, applicants who placed their bids at this price will be allotted shares on pro rata basis. The maximum bid received was of Rs.105 per share. A total of 30 applicants had applied for the unsold promoters’ right shares. These shares have been fully subscribed.

After adjustment of 10% right shares, its paid-up capital will reach to Rs 2.21 arba. To meet the capital requirement of Rs 2.50 arba, it should further hike its capital by Rs 29 crore (around 13%).

Recently, the company had proposed 17.35% bonus share from the profit of 2074/75 FY; which will increase its capital to Rs 2.58 arba.