First Microfinance 3,295 units auction share cut-off price stood Rs 547

ShareSansar, June 28:

First Microfinance Development Bank Limited (FMDBL) had auctioned its 3,295 units ordinary shares to the general public from Ashad 1 to Ashad 8, 2072. The bid was opened on Ashad 11 (last Friday).

An official with Global IME Capital Limited, which managed the auction for First Microfinance, informed that the bank set the cutoff price for the 3,295 units ordinary shares at Rs 547. The highest bid amount for the auction shares received was Rs 727. Only 9 applicants were allotted shares out of the 42 applicants who submitted their bids for 3,295 units of ordinary shares.

The development bank was selling 3,295 units of ordinary right share after the rights shares issued on Falgun 15, 2071 were not fully subscribed by the investors. First Microfinance had offered right shares at the ratio of 1:1.

The last trading price stood Rs 550 per share on June 25.

* ShareSansar.com apologize for publishing something else in context of Rs 547 cut off price of the auction shares.