Cut off price for 18,286.5 unit auctioned shares of Excel Development Bank stood at Rs 356.75; 31 bidders grabbed the shares

Excel Development Bank Limited (EDBL) has successfully concluded the aution. As per Ram Mahat of Ace Capital Limited, the issue manager for the auction, the cut off price stood at Rs 356.75. The maximum bid was received at Rs 407. Out of total 113 applicants, only 31 applicants grabbed the shares. The application for the auction was closed on Poush 9, 2074. The development bank had floated 2:1 (19,22,812.5 unit) right shares to its shareholders on Ashwin 18, 2074. It had allotted only 19,04,526 units right shares around 0.95% (18,286.5 units) were unclaimed. Excel Development Bank has earned net profit of Rs 3.15 crore in the first quarter of the fiscal year 2074/75 as per its unaudited report. Its paid up capital remains at Rs 38.45 crore. After distribution of 50% right shares, it reached Rs 57.67 crore and after 30.12% bonus share distribution, its paid up capital will reach to Rs 69.26 crore. As a 1-3 district level development bank, EDBL had to increase its paid up capital to Rs 50 crore as per NRB directive. Its LTP stood at Rs 365 as of last trading day.