Cut off price for 19.68 lakh units auctioned ordinary shares of Agricultural Dev Bank stood at Rs 361; Refund after 7 days of allotment

Agricultural Development Bank Limited (ADBL) had auctioned its 19,68,575 units of ordinary right share to the general public from Magh 27, 2073 till Falgun 12, 2073. The bids were opened on Falgun 15, 2073. An official of Ace Capital Limited, which managed the auction for Agricultural Development Bank, informed that the cut off price for 19,68,575 units ordinary shares stood at Rs 361. The highest bid amount for the auction shares received was Rs 601. 9,223 applicants have submitted their bids for 19,68,575 unit ordinary shares and 2,100 of them got shares. “The data are preliminary as final data may vary”, added the official. The shares will be allotted after the final cutoff price is decided, and after the approval from the bank's BOD. The auction money will be refunded after 7 working days after the allotment and approval of BOD. Agricultural Development Bank has earned Rs 90.66 crore in the second quarter of the current fiscal year 2073/74. ADBL has proposed 20% bonus share for the FY 2072/73. After the capitalization of bonus, auctioned shares and 50% right share, the paid up capital of the commercial bank will reach Rs 7.08 arba, in addition to irredeemable preference share capital worth Rs 5.43 arba. It will need to further hike its capital by around 13% to meet NRB’s minimum requirement of Rs 8 arba by the end of FY 2073/74. Its last traded price stood at Rs 434 as on February 26, 2017.