Cut off price for Laxmi bank ordinary share auction stood Rs 477.60; highest bid was Rs 530.10

Laxmi Bank Limited (LBL) had auctioned its 186,462 units ordinary right shares to the general public from Ashwin 21 to Ashwin 27, 2072. The bid was opened yesterday (Ashwin 27). An official of NMB Capital Limited, which managed the auction for Laxmi Bank, informed that the cut off price for 186,462 units ordinary shares stood at Rs 477.60. The highest bid amount for the auction shares received was Rs 530.10 and lowest bid was Rs101. Total 359 applicants submitted their bids for 186,462 units of ordinary shares. Laxmi Bank was selling 186,462 units of ordinary right share after the rights shares issued on Ashad 6 were not fully subscribed by the investors. It had offered 10:3 ratio right shares. LBL had earned net profit of Rs 43.20 crore in its fourth quarter of the last fiscal year 2071/72. The last trading price of the shares stood at Rs 517 per share as on October 14.