Last day to bid for 7.67 lakh units & 5.66 lakh units auctioned shares of Janata Bank & Sagarmatha Finance respectively

Investors interested in acquiring the shares of Janata Bank Limited (JBNL) have one more day to file their bids for the auctioned ordinary and promoter shares. The deadline for submitting bids for the auctioned promoter shares is ending today (Chaitra 15, 2073) and the bids will be opened to conclude the auction on Chaitra 16 , 2073(tomorrow). Janata Bank has been auctioning its 3,71,026 units ordinary and 3,96,526 units promoter right shares to the general public from Chaitra 1, 2073. The bank is selling ordinary and promoter shares after the rights shares issued on Mangsir 1, 2073 were not fully subscribed by the shareholders. The bank had offered right shares in the ratio of 2:1. 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 ordinary shares and for a minimum of 1,000 units for promoter shares. NCM Merchant Banking Limited has been assigned as the issue manager for this auction. The bank has urged interested bidders to submit their bids by 3:00 PM till Chaitra 15 at NCM Merchant located at Kamalpokhari, Kathmandu. The investors applying for the auction can deposit the bid amount in the account number 0690000132001 maintained in the name of NCM Merchant Banking Limited at Sunrise Bank Limited. JBNL’s trading is in halt in Nepal Stock Exchange Limited (NEPSE) since October 28, 2016 following its merger with Triveni Bikas Bank Limited. 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 unaudited report. It is undergoing merger with Triveni Bikas Bank Limited with a share swap of 1:1. After the merger, the paid up capital of the merged entity will reach Rs 4.72 arba. The bank has endorsed further 60% right shares. Likewise, it is also acquiring Siddhartha Development Bank Limited which has a paid up capital of Rs 1.41 crore. SDBL is also issuing 60% right share which is already in SEBON pipeline. Likewise, investors interested in acquiring promoter shares of Sagarmatha Finance Limited (SAFL) also have one last day left to file their bids. The deadline for submitting bids for the auctioned promoter shares is ending today and the bids will be opened to conclude the auction tomorrow. Sagarmatha Finance has been auctioning its 5,66,278.83 units unsold promoter shares from today. The finance company is reselling promoter shares after all the right shares were not subscribed by its shareholders or in the previous auction. Only 1.54 lakh units out of total 7.20 lakh units were subscribed in the previous auction. 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 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 15, 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.