Last day to bid for 19.68 lakh units unclaimed right shares of Agricultural Dev Bank; Bidders can apply up to 10,000 units

Agricultural Development Bank Limited (ADBL) has been auctioning its unsold ordinary right shares to the general public from Magh 27, 2073 and today (Falgun 12) is the last day to bid for the same. The bank is selling 19,68,575 units ordinary shares after the rights shares issued on Kartik 3, 2073 were not fully subscribed by the investors. The bank had offered right shares in the ratio of 2:1. Ace Capital Limited is the issue manager for this auction. The auction will last till Falgun 12, 2073. The bid will open to conclude the auction on Falgun 13, 2073 at 3:00 PM. The auction will open at the premises of Ace Capital Limited, Lal Durbar, Kathmandu. 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 and a maximum of 10,000 units. The bank has urged interested bidders to submit their bids by 3:00 PM today at Ace Capital located at Lal Durbar, Kathmandu. The investors applying for the auction can deposit the bid amount in the account number 0011043901CA2 maintained in the name of Ace Capital Limited at Ace Development Bank Limited, or account number 01002011010000012 in Agricultural Development Bank. Bidders can also apply through a “Good for Payment” cheque made in the name of Ace Capital Limited. At more than 19.68 lakh units shares worth more than Rs 19.68 crore in par value, this will be the largest auction for right share of any company. ADBL is expected to earn a good amount in premium from the auction. ADBL recently proposed 20% bonus share for the FY 2072/73. After the capitalization of bonus, auction and 50% right share, the paid up capital of the commercial bank will reach Rs 7.08 arba, in addition to irredeemable preference share capital worth Rs 5.43 arba. It will need to further hike its capital by around 13% to meet NRB’s minimum requirement of Rs 8 arba by the end of FY 2073/74. Agricultural Development Bank has earned Rs 90.66 crore in the second quarter of the current fiscal year 2073/74. Its latest closing price stood at Rs 434 as of yesterday (Falgun 11, 2073). Also Read: How much to bid in Agricultural Dev Bank’s 19.68 lakh units right share auction?