Auction of Sahara Bikas Bank’s unsold 250% right shares concludes; Cut off price for ordinary and promoter shares Rs.108 and Rs.105 respectively

Mon, Dec 3, 2018 3:21 PM on Auction, Latest, Stock Market,

NIBL Ace Capital, the issue manager of Sahara Bikas Bank’s right shares auction, has concluded the said auction.

As per the issue manager, the cut off for ordinary shares stands at Rs.108 and that of promoter shares stands at Rs.105. The development bank had received 173 applicants for ordinary shares and 4 applicants for promoter share.

The development bank was auctioning unsold 116,007.30 units ordinary right shares and 928,248.70 units promoter right shares out of which ordinary shares have been fully subscribed and promoter shares remain undersubscribed.

The development bank had issued 1,824,870 unit right shares to the shareholders holding shares till Baisakh 9, 2075. After the adjustment of 250% right shares, its paid-up capital will reach Rs 25.55 crore.

SHBL is in the process of being acquired by Deva Bikas Bank Limited (DBBL). The LTP of DBBL stands at Rs.128 as of 3rd December 2018.