Cutoff Price for auctioned ordinary shares of Western Dev. Bank stood at Rs 301.50; promoter cutoff at Rs 101.44

Western Development Bank Limited (WDBL) had auctioned 1,63,501 units promoter shares and 62,134 units ordinary shares from Chaitra 13 to Chaitra 21, 2073. The bids were opened today at 11:00 AM. As per an official of Prabhu Capital, the issue manager of the auction, the cutoff price for ordinary shares stood at Rs 301.50. Highest bid price received for the ordinary shares was Rs 341. Out of total 390 applicants, 130 applicants got the shares. Likewise, the cutoff price for promoter shares was Rs 101.44. Out of 38 applicants for promoter shares, 34 applicants got the shares. Highest bid price for promoter shares was Rs 150. The bank will be issuing refund warrants to the non-allottees after 7 days of the bid opening date from Prabhu Capital, Kamaladi. Western Development Bank has earned net profit of Rs. 2.64 crore in the second quarter of the current fiscal year 2073/74. Its paid up capital stands at Rs 31.38 crore after issuance of 100% right shares and issuance of the auctioned shares. It has proposed 10% bonus shares for the FY 2072/73. After issuance of 10% bonus shares, its paid up capital will reach Rs 34.51 crore. Its last traded price stood at Rs 318 as of yesterday (April 6, 2017).