Cut off price of Nepal Credit & Commerce Bank auctioned promoter shares stood at Rs 185

Nepal Insurance Company Limited (NICL) has concluded auction of 4,44,622 unit promoter shares of Nepal Credit & Commerce Bank Limited (NCCB). As per an official of NIBL Capital Markets Limited, the issue manager for the auction,"The cut off rate for the auctioned shares of NCCBPO stood at Rs 185. The maximum bid received was Rs 306. There were altogether 27 applicants and all the applicants grabbed the shares except 1 applicant whose application was found invalid. Only around 11,580 shares were sold in the auction. Thus, for remaining shares, NICL will later decide what to do with unsold shares.” The insurance company had stated that the minimum bid amount is set at Rs 185 and the interested applicants must bid for a minimum of 100 units of the share and there is no any ceiling for highest bid unit. The auction application was open from Kartik 28, 2074 to Poush 3, 2074. NICL has earned net profit of Rs 2.65 crore in the first quarter of FY 2074/75. By selling 11,580 shares, NICL earned more than Rs 9.84 lakh in premium. NCC Bank was last traded for Rs 353 and NCCBPO was last traded for Rs 200 per share.