Bids Received in Auction of Radhi Bidyut Company Ordinary Shares Opened; What is the Cut-Off Rate?

Wed, Nov 30, 2022 12:41 PM on Auction, Latest,

The bids received in the auction of 13,00,527.99 unit ordinary shares of Radhi Bidyut Company Limited (RADHI) has been opened today, i.e. 14th Mangsir, 2079.

The auction had opened on 29th Kartik and concluded on 8th Mangsir, 2079 at the end of banking hours. 13,00,527.99 unit ordinary shares were auctioned.

This is the unclaimed portion of the rights offering that closed on 25th Ashwin, 2079. The issue had opened on Ashwin 05. A total of 95,35,760.99 shares were issued to eligible shareholders at a par value of Rs. 100 per unit. Eligible 38,505 applicants were allotted with 82,35,233 units shares. Thus, the remaining 13,00,527.99 shares were auctioned from Kartik 29.

Muktinath Capital Limited was appointed the auction manager. Bids had opened today at the head office of the company located at Narayanchaur, Naxal, Kathmandu, starting at 8 am. The existing promoters, general public, and institutions were all eligible to bid for the auction.

Rs. 100 was the minimum bid rate for the auction. 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 rule to not exceed the specified quantity of shares per entity.

According to the auction manager, a total of 1995 applicants placed bids for ordinary shares. The tentative cut-off rate is Rs. 195 whereas maximum bid rate stood at Rs. 209. Once all of the checks get reconciled and cleared, the cut-off price may vary.

RADHI closed at Rs. 233 per share yesterday.