Cut off price for 1.89 lakh unit ordinary shares of Nepal Bank stood at Rs 321.51; Asian Life & Nepal Life Insurance claim majority of shares

Nepal Bank Limited (NBL) had auctioned its 1,89,629 units ordinary shares to the general public from Asadh 13, 2074 till Asadh 19, 2074. The bid was opened today (Asadh 20, 2074) at 11:00 AM. An official of Civil Capital Markets Limited, which managed the auction for Nepal Bank, informed that the cut off price for its 1,89,629  units ordinary shares stood at Rs 321.51. The highest bid amount for the auction shares received was Rs 550. Total 1,060 applicants submitted their bids for ordinary shares. Nepal Life Insurance Company (NLIC) had bid for 1,87,000 units shares at Rs 321.51 and Asian Life Insurance Company (ALICL) had bid 92,950 units at Rs 322.75 per share. Life Insurance Corporation Nepal (LICN) had also bid for 1,00,000 units at Rs 315.20 but it was not allotted the shares as its price was lower than cutoff. A total of 1,060 applicants had submitted the bids. Highest bid price of Rs 550 was received for the shares. Nepal Bank Limited has earned net profit has of Rs. 2.51 arba in the third quarter of the fiscal year 2073/74. Its paid up capital stands at Rs 6.49 arba and after the allotment of these right shares, its paid up capital has reached Rs 8.04 arba. Its LTP stood at Rs.329 as on July 3, 2017.