Bids Received in Auction of People's Power Limited Ordinary Shares Opened; What is the Cut-Off Rate?

People's Power Limited (PPL) opened the bids for its ordinary shares (unsold right shares) auction on 30th Bhadra, 2082. Prabhu Capital Limited was appointed as the auction manager. The bidding process took place at the Prabhu Capital Limited premises in Kamaladi, Kathmandu, starting at 9:00 am.

The auction opened on 15th Bhadra 2082 and concluded on 22nd Bhadra 2082, at the end of banking hours. In total, 3,91,779 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 opened a 1:0.50 ratio right share issue to its shareholders from 22nd Ashadh to 26th Shrawan, 2082. The same unsold rights shares were auctioned to the general public.

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.

With 602 applications received for ordinary right shares, the tentative cut-off rate is Rs. 261.50, 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. 299.20 per share.