Cutoff Price for 4.20 lakh units auctioned shares of Citizens Bank at Rs 362; LICN & Jagdamba Steels take majority of shares

Citizens Bank International Limited (CZBIL) had auctioned 4,20,490 units ordinary shares and 1,99,313 units promoter shares from Asadh 15 to Asadh 22, 2074. The bids were opened today at Sanima Capital Limited at 3:30 PM. The cutoff price for ordinary shares stood at Rs 362. Highest price of Rs 410 was received for the shares. Life Insurance Corporation (Nepal) Limited grabbed 1 lakh kitta ordinary shares at Rs 376.21 while Jagdamba Steels Pvt. Ltd. took 54,640 shares at Rs 366 per share. Likewise, the cutoff price of 1.99 lakh units promoter shares stood at Rs 173.15. There were 2,231 applicants for ordinary shares, out of which 232 applicants were allotted.  Likewise, 22 out of 71 applicants were allotted the promoter shares. Sanima Capital has informed that the bidders who had bid at Rs. 362 will be allotted proportionately while all bidders who had bid above Rs 362 will get all the shares they had bid for. CZBIL has earned net profit of Rs 87.15 crore in the third quarter of FY 2073/74. After the allotment of the auctioned right shares, its paid up capital will reach Rs 6.92 arba. Its last traded price stood at Rs 390 as of yesterday (July 6, 2017).