Cutoff price for 1.07 lakh units auctioned ordinary shares of Kasthamandap Dev. Bank stood at Rs 285.07

Kasthamandap Development Bank Limited (KDBL) had auctioned 1,07,601.20 units unclaimed ordinary right shares from Chaitra 22 to  Chaitra 28, 2073. The bids were opened yesterday (Chaitra 30, 2073) at NCM Merchant Banking Limited, Kamalpokhari, Kathmandu. As per an official of NCM Merchant Banking Limited, the cutoff price for 1.07 lakh units ordinary shares stood at Rs 285.07. Highest bid of Rs 510 was received for the bid and lowest bid received was Rs 100. “The shares will be allotted on Baisakh 3. Non-allottees will have their refunds issued from Baisakh 7 from the premises of NCM Merchant Banking, Kamalpokhari, Kathmandu”, added the official. KDBL has earned net profit of Rs 10.17 crore in the second quarter of the fiscal year 2073/74. Trading of Kasthamandap Development bank has been halted in Nepal Stock Exchange following the acquisition process by Kumari Bank. Kumari Bank is in the final process of acquiring Kasthamandap Development Bank Limited. The share swap ratio for the acquisition has been fixed at 100:85. Its last traded price stood at Rs 500 as on October 2, 2016.