Garima Bikas Bank auctioning 3.45 lakh units unclaimed right shares from Ashad 18 at Rs 100 & above

Garima Bikas Bank Limited (GBBL) is going to auction its unclaimed ordinary and promoter right shares from Ashad 18, 2074. The development bank is selling 9,847.12 units promoter shares and 3,36,071.54 units ordinary shares after the right shares issued from Baisakh 1, 2074 to Jestha 17, 2074, 2074 were not fully subscribed by its shareholders. GBBL had offered right shares in the ratio 10:7. The minimum bid price for the shares is set for Rs 100, which means the bid amount per share should be greater than Rs 100. The auction will last till Ashad 23, 2074 and the bids will be opened to conclude the auction on Ashad 25, 2074 at 3:00 PM. Bidders must apply for a minimum of 100 units of shares. Only existing promoters of the bank can bid for the auctioned promoter shares. Ace Capital Limited is the issue manager for the auction. Applicants can collect the bid forms from Ace Capital Limited, Laldurbar, Kathmandu. The bank has urged interested bidders to deposit the bid amount within banking hours on Asadh 23, 2074 in the account number 0011043901CA6 maintained in the name of Ace Capital Limited in Ace Development Bank Limited, Naxal, Kathamandu. Garima Bikas Bank has earned net profit has of Rs. 24.85 crore in the third quarter of the fiscal year 2073/74. The bank has an authorized capital of Rs 3 arba. Its paid up capital stands at Rs 1.29 arba and after issuance of 70% right share, its paid up capital will reach Rs 2.20 arba. As per NRB’s requirement for all national level development banks to increase their paid up capital to a minimum of Rs 2.50 arba by the end of FY 2073/74, GBBL should increase its capital by a further Rs 30 crore (around 13.85%).