HIDCL to Auction 1,78,40,140 Unit Promoter Shares to General Public From Today
Hydroelectricity Investment and Development Company Limited (HIDCL) is auctioning 1,78,40,140 units of promoter shares to the interested general public/company/institutions from today i.e. from 25th Chaitra, 2080 to 9th Baisakh, 2081.
Previously, the company initially offered 330,000,000 promoter shares to the general public from the 5th of Ashad to the 19th of Ashad, 2079. However, only 4,604,995 shares were sold out of the total offering. Consequently, the remaining 232,044,485 shares were put up for reauction from the 20th of Bhadra to the 4th of Ashoj, 2079. Subsequently, only 1,007,170 shares were sold out of this batch.
As a result, the remaining 221,973,325 shares were re-auctioned from the 22nd of Magh to the 8th of Falgun, 2079. Yet again, only 4,357,185 units were sold out of this batch. Consequently, the remaining 178,401,140 units are in auctioned from today.
Note that the 1,51,59,860 unit promoter shares have already been listed in NEPSE.
The general public, companies, and institutions are all eligible to bid in the auction. Rs. 100 is the minimum bid rate for the auction. While the minimum bid quantity is 100 units, there is no upper limit. Although bidders can bid for the entirety of the issue, they are required to abide by Nepal Rastra Bank's rule to not exceed the specified quantity of shares per entity.
Global IME Capital is appointed as the auction manager. As of writing, HIDCL has an LTP of Rs. 168.90.
The company has informed through the notice that the shares will trade as promoter shares under the HIDCLP category once allotted to the successful bidders.
As of writing, HIDCL closed at Rs. 166.60.
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