Janata Bank to refund auction money to non-allottee investors from Chaitra 27; no direct bank transfer

Janata Bank Nepal Limited (JNBL) will be refunding money to the non-allottees of its recently concluded auction of 7.67 lakh units shares from Chaitra 27, 2073. As per the notice published by NCM Merchant Banking Limited, the issue manager for the auction, non-allottees will be issued their refund warrants from NCM Merchant Kamalpokhari, Kathmandu. Janata Bank Nepal Limited (JBNL) had auctioned its unclaimed ordinary and right shares to the general public from Chaitra 1 to Chaitra 15, 2073. The bid was opened on Chaitra 16. The cutoff price stood at Rs 282 for ordinary shares and Rs 105 for promoter shares. JBNL’s trading is in halt in Nepal Stock Exchange Limited (NEPSE) since October 28, 2016 following its merger with Triveni Bikas Bank Limited. Their joint transaction is starting tomorrow (Chaitra 25, 2073). Its last traded price stood at Rs 387 as on October 27, 2016. Janata Bank has earned net profit of Rs 16.13 crore in the second quarter of the fiscal year 2073/74 as per its unaudited report. It is undergoing merger with Triveni Bikas Bank Limited with a share swap of 1:1. After the merger, the capital of the merged entity will reach Rs 4.72 arba, and will issue a further 60% right. After the issuance of right share, its paid up capital will reach Rs 7.55 arba. It is also under process of acquiring Siddhartha Development Bank Limited.