Excel Development Bank closing auction of unclaimed 18,286.5 units ordinary right shares at Rs 100 & above today; LTP at Rs 386

Excel Development Bank Limited (EDBL) is closing auction for ordinary right share to the general public today (Poush 9, 2074). The development bank had floated 2:1 (19,22,812.5 unit) right shares to its shareholders on Ashwin 18, 2074. It has allotted only 19,04,526 units  right shares around 0.95% (18,286.5 units) were unclaimed. The bank is selling 18286.5 units ordinary shares as right shares were not fully subscribed by the investors. Excel development bank will be convening its 12th Annual General Meeting (AGM) on Mangsir 17, 2074. The AGM will approve 30.12% bonus shares from the net profit of FY 2073/74. Right shareholders including auction allottees are not eligible for the proposed bonus share of the company. Excel Development Bank has earned net profit of Rs 3.15 crore in the first quarter of the fiscal year 2074/75 as per its unaudited report. Its paid up capital remains at Rs 38.45 crore. After distribution of 50% right shares, it reached Rs 57.67 crore and after 30.12% bonus share distribution, its paid up capital will reach to Rs 69.26 crore. As a 1-3 district level development bank, EDBL had to increase its paid up capital to Rs 50 crore as per NRB directive. Its LTP stood at Rs 386 as of last trading day.