Cut off price for 14,565 unit auctioned shares of Kanchan Development Bank stood at Rs 215; 24 applicants got the shares

Kanchan Development Bank Limited (KADBL) has successfully concluded the auction. As per the official of Global IME Capital Limited, the issue manager for the auction, ‘The cut off price stood at Rs 215. The maximum bid received was Rs 240. Out of total 85 applicants, only 24 applicants got the shares.’ The application was open from Mangsir 15 to Mangsir 25, 2074. KADBL current paid up capital remains at Rs 34.65 crore. After the issuance of 30% right, its paid up capital reached Rs 45.04 crore. Recently, KADBL has announced 16.03 percent bonus share to its shareholders from the profit it earned in the fiscal year 2073/74. After issuance of 16.03% bonus, its paid up capital will reach Rs 52.24 crore. As per NRB’s directive for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, KADBL will meet the capital requirement. It had earned Rs 1.01 crore in the first quarter of the FY 2074/75. Its LTP stood at Rs 237 as of last trading day.