Kumari Bank to sell 11.41 lakh unit unsold right shares via auction; Only existing promoters can bid for 5.01 lakh unit of promoter group in the auction starting from Ashadh 22

Kumari Bank Limited (KBL) has published a notice regarding the allotment of its recently issued 20% right shares.

The bank had floated right shares for its shareholders in the ratio 10:2 from Baisakh 28, 2075. KBL had issued 1,19,38,991.65 unit right shares at a par value of Rs 100 per share.

The bank has allotted 1,07,97,617 unit shares to 41,743 applicants.

The bank will be selling its unsubscribed 11,41,374.50 right shares through an auction. Interested bidders can place their bids from Ashadh 22, 2075 till Ashadh 29, 2075.

NIBL Ace Capital has been appointed as the issue manager for the auction.

Only the existing promoters of the company can apply for the 5,01,921.69 unit right shares of promoters group. Bidders can apply for a minimum 1,000 units for the shares of promoters group while they can apply for minimum 100 units of the shares of ordinary group.

The minimum bid price has been set as Rs 100 i.e. the bidders need to place their bids above Rs 100.

The bank has urged the bidders to deposit their entire bid amount in A/C No. 0010017460300001 in Kumari Bank Limited in the name of NIBL Ace Capital.

After the adjustment of 20% right shares, the paid up capital of the bank will reach Rs 7.15 arba. It will still have to raise its capital by around Rs 85 crore to meet the capital requirement of Rs 8 arba.