Last day to bid for 3.45 lakh units unclaimed right shares of Garima Bikas Bank; LTP stood at Rs 300

Garima Bikas Bank Limited (GBBL) is closing its unclaimed ordinary and promoter right shares auction today (Ashad 25, 2074). The development bank is selling 9,847.12 units promoter shares and 3,36,071.54 units ordinary shares after the right shares issued from Baisakh 1, 2074 to Jestha 17, 2074 were not fully subscribed by its shareholders. GBBL had floated 90,76,297 units right shares in the ratio 10:7. Around 3.80% shares were unsubscribed. The minimum bid price for the shares is set for Rs 100, which means the bid amount per share should be greater than Rs 100. The bids will be opened to conclude the auction on Ashad 25, 2074 at 3:00 PM. Bidders must apply for a minimum of 100 units of shares. Only existing promoters of the bank can bid for the auctioned promoter shares. Ace Capital Limited is the issue manager for the auction. Applicants can collect the bid forms from Ace Capital Limited, Laldurbar, Kathmandu. The bank has urged interested bidders to deposit the bid amount within banking hours on Asadh 23, 2074 in the account number 0011043901CA6 maintained in the name of Ace Capital Limited in Ace Development Bank Limited, Naxal, Kathamandu. Garima Bikas Bank has earned net profit has of Rs. 24.85 crore in the third quarter of the fiscal year 2073/74. The bank has an authorized capital of Rs 3 arba. Its paid up capital stands at Rs 1.29 arba and after issuance of 70% right share, its paid up capital will reach Rs 2.20 arba. As per NRB’s requirement for all national level development banks to increase their paid up capital to a minimum of Rs 2.50 arba by the end of FY 2073/74, GBBL should increase its capital by a further Rs 30 crore (around 13.85%). Its LTP stood at Rs 300 as of yesterday (July 6, 2017).