Auction of unsold promoter and ordinary right share of Century Bank concludes; cut off stands at Rs.165 and Rs.105 for ordinary and promoter shares respectively

Civil Capital Market has concluded the auction of unsold promoter and ordinary right shares of Century Commercial Bank Limited (CCBL). The commercial bank had been selling 1,461,099 units promoter shares and 409,175 units ordinary shares via auction.

As per the issue manager, the cut off price for ordinary shares have been established at Rs.165. A total of 1,673 applications were received for the auction. The maximum bid price was at Rs.200 per share. Applicants who placed their bids at Rs.165 or above will be allotted shares. Similarly, the cut off price for promoter shares was established at Rs.105. A total of 56 applications were received for the auction.

Issue of both, unsold promoter and ordinary right shares have been fully subscribed by the investors. The bank had issued 40% right shares for its shareholders which had left about 10% unsubscribed. After the adjustment of right shares, the paid up capital of the bank will stand at Rs.8.25 Arba.