Bids Received in Auction of Joshi Hydropower Development Company Ordinary Shares Opened; What is the Cut-Off Rate?

Joshi Hydropower Development Company Limited (JOSHI) opened the bids for its ordinary shares (unsold right shares) auction on 17th Kartik, 2082. LS Capital Limited was appointed as the auction manager. The bidding process took place at the Agrawal Bhawan, Kamalpokhari, Kathmandu, starting at 10:00 am.

The auction opened on 28th Ashwin 2082 and concluded on 11th Kartik 2082, at the end of banking hours. In total, 1,89,927 units of ordinary right shares were auctioned. Individuals and companies were all eligible to bid in the auction.

This is the unclaimed portion of the rights offering. The company had issued a 1:0.65 Ratio right share issue to its shareholders from 15th Shrawan to 19th Bhadra, 2082.

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.

The tentative cut-off rate is Rs. 245, 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. 311.50 per share.