Kanchan Dev. Bank & Sagarmatha Finance auctioning 13,182 units & 8,87,463 units unclaimed right shares respectively from today

Kanchan Development Bank Limited (KADBL) is auctioning its ordinary right share to the general public from today (Falgun 26, 2073). The bank will be selling 13,182 units ordinary shares after the rights shares issued on Poush 18, 2073 were not fully subscribed by the investors. The bank had offered right shares at the ratio of 2:1. The auction will last till Chaitra 4, 2073. The bid will open to conclude the auction on Chaitra 6, 2073 at 3:30 PM. Bidders must quote a minimum price of Rs 100 per unit, which means that the lowest bid amount must be more than Rs 100. Interested bidders must bid for a minimum of 100 units of share. Global IME Capital Limited is the issue manager for this auction. The bank has urged interested bidders to submit their bids by 2:30 PM till Chaitra 4 at Global IME Capital located at Jamal, Kathmandu. The investors applying for the auction can deposit the bid amount in the name of Global IME Capital Limited in account number 0124524613922013 of Kumari Bank Limited located at Putalisadak, Kathmandu. Its last traded price stood at Rs 285 as on March 6, 2017. Likewise, Sagarmatha Finance Limited (SAFL) is also auctioning its 8.87 lakh units unsold right shares from today. The finance company is selling 1,67,144.17 units ordinary shares and 7,20,318.83 units promoter shares after the right shares issued on Poush 11, 2073 were not fully subscribed by its shareholders. The finance company had offered right shares in the ratio 10:8. The auction will last till Chaitra 2, 2073. The bid will open to conclude the auction on Chaitra 4, 2073 at 1:00 PM. The auction will open at the head office of Sagarmatha Finance Limited, Manbhawan, Lalitpur. Bidders must quote a minimum price of Rs 100 per unit, which means that the lowest bid amount must be more than Rs 100. Interested bidders must bid for a minimum of 100 units for the ordinary shares and a minimum of 1,000 units for the promoter shares. The number of shares applied must be a multiple of 10. SAFL has urged interested bidders to submit their bids by 3:00 PM till Chaitra 2, 2073 at Sagarmatha Finance Limited, Manbhawan, Lalitpur. The investors applying for the auction can deposit the bid amount in the account number 1-08-06-16 at the head office of Sagarmatha Finance in Manbhawan, Lalitpur. Bidders can also apply through a “Good for Payment” cheque made in the name of Sagarmatha Finance Limited. Sagarmatha Finance Limited has earned net profit of Rs 5.61 crore in the second quarter of the fiscal year 2073/74. Its paid up capital remains at Rs 36.92 crore. After the capitalization of 80% right shares, its paid up capital will reach Rs 66.45 crore. It is under acquisition process by Century Commercial Bank Limited.