Citizens Bank to auction unsold 6.19 lakh units right shares at Rs 100 above from Ashad 15; LTP at Rs 388

Citizens Bank International Limited (CZBIL) will be auctioning its 6,19,803 units unsold right shares to the general public from Ashad 15, 2074. As per the notice published by the commercial bank today, it is selling 4,20,490 units ordinary share and 1,99,313 units promoter share after the rights shares issued on Chaitra 24, 2073 were not fully subscribed by the investors. The bank had offered right shares at the ratio of 10:2.5. The auction will last till Ashad 21, 2074. The bid will open to conclude the auction on Ashad 22, 2074 at 3:30 PM. Bidders must quote a minimum price of Rs 100 per unit, which means that the lowest bid amount must be more than Rs 100.Interested bidders must bid for a minimum of 100 units of shares. Sanima Capital Limited is the issue manager for this auction. The bank has urged interested bidders to submit their bids within office hours till Ashad 21 at the Sanima Capital located at Naxal, Kathmandu. The investors applying for the auction can deposit the bid amount in the account name Sanima Capital Limited and account number 0010004054407 of Sanima Bank Limited. Bidders can also apply through a Good for Payment Cheque made in the name of Sanima Capital. Its last traded price stood at Rs 388 as on June 13 , 2017. Citizens Bank has earned net profit of Rs 87.15 crore in the 3rd quarter of the fiscal year 2073/74. As per NRB’s requirement for all commercial banks to increase their paid up capital to Rs 8 arba by the end of FY 2073/74, CZBIL will need to increase its capital by a further 15.6%.