Bids Received in Auction of Buddha Bhumi Nepal Hydropower Ordinary Shares Opened; What is the Cut-Off Rate?

Buddha Bhumi Nepal Hydropower Company Limited (BNHC) opened the bids for its ordinary shares (unsold right shares) auction on 04 Ashad, 2083. Nic Asia Capital Limited was appointed as the auction manager. The bidding process took place at the premises of Walnot Bisro, Panipokhari, Kathmandu, starting at 8:30am.

The auction opened on  21st Jestha, 2083 and concluded on 29th Jestha, 2083, at the end of banking hours. In total, 4,74,696 units of ordinary right shares were auctioned. Individuals and companies were all eligible to bid in the auction.

This auction includes the unclaimed portion of the rights issuance. BNHC had originally offered a 1:1 rights share issuance to its shareholders.

The minimum bid rate for the auction was Rs. 100. While the minimum bid quantity for shares was 100 units, there was no upper limit. Although bidders could bid for the entirety of the issue, they were required to abide by the regulatory body's rule not to exceed the specified quantity of shares per entity.

Around 2,300 applications received for ordinary right shares, the tentative cut-off rate is Rs. 296, according to the auction manager. Once all cheques are reconciled and cleared, the cut-off prices may be subject to change.

The last traded price of the scrip stands at Rs. 325.00 per share.