Cutoff price for 94,850 units auctioned shares of Araniko Dev Bank stood at Rs 186

Araniko Development Bank Limited (ARDBL) had auctioned its ordinary and promoter right shares to the general public from Magh 10 to Magh 14, 2073. The cutoff price for ordinary shares stood at Rs 186, and for promoters was Rs 100. As per an official of Siddhartha Capital Limited, the manager for the auction, a highest bid of Rs 322 was received for ordinary shares. 101 out of 162 applicants got the shares. Similarly, a highest bid of Rs 111 was received for promoter shares. All 6 applicants got the shares. However, the bidder who bid at Rs 100 per promoter share was allotted share on provisional basis. The development bank had sold 51,090.41 units ordinary shares and 43,759.93 units promoter shares after the rights shares issued on Kartik 8, 2073 were not fully subscribed by the shareholders. The bank had offered right shares in the ratio of 10:3.6. Siddhartha Capital will be refunding money to the non-allottees after 7 days. Araniko Development Bank Limited has earned Rs 3.67 crore up to the second quarter of the current fiscal year 2073/74. Its last traded price stood at Rs 370 as on October 16, 2016 and its share trading is halted in NEPSE due to its ongoing acquisition by Century Commercial Bank Limited.