Garima starts refunding unsuccessful bidders

ShareSansar, May 5:

Garima Bikas Bank Limited is refunding money to the non-allottee bidders for its auctioned ordinary shares from Baishakh 22, today. Garima Bikas Bank Limited had opened the sealed bids on 10th Baishak.

Garima had called bids on the unsubscribed rights shares in the month of Falgun. The bank had offered 4:1 rights shares, of which 49,873 units remained unsubscribed, which the bank decided to auction.

The bank has set the cutoff price for the ordinary shares at Rs 301. The highest bid amount for the shares was Rs 362.52. Out of 29 applicants who had submitted bids only 15 got the shares.

Garima Bikas Bank Limited has posted net profit of Rs 65.27 million in the 2nd quarter of the fiscal year 2071/72.