Machhapuchchhre Bank auctioning 3.71 lakh units unclaimed right shares from today at Rs 100 and above; LTP at Rs 363

Machhapuchchhre Bank Limited (MBL) is auctioning its unclaimed ordinary and promoter right shares to the general public from today (Falgun 27, 2073). The company is selling 3,23,206 units ordinary shares and 48,623 units promoter shares after the rights shares issued on Mangsir 19, 2073 were not fully subscribed by the shareholders. The commercial bank had offered right shares in the ratio of 2:1. The auction will last till Chaitra 3, 2073. The bid will open to conclude the auction on Chaitra 4, 2073 at 11:00 AM. In case of any holiday on that day, the bid will open to conclude next working day. 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 shares and the shares applied for should be a multiple of 10. Civil Capital Market Limited is the issue manager for this auction. The bank has urged interested bidders to submit their bids within 3:00 PM till Chaitra 3, 2073 at Civil Capital Market Limited, Kathmandu Plaza, Kamaladi. The investors applying for the auction can deposit the bid amount in the account number 16-01-524-147235-01-4 maintained in the name of Civil Capital Market Limited at Machhapuchchhre Bank Limited, Lazimpat. Its 18^th AGM had endorsed 20.75% stock dividend for the FY 2072/73 and further right share of 12%. After the allotment of shares in this auction, and the capitalization of 20.75% bonus and further 12% right share, its paid-up capital will reach 7.39 arba. As per NRB’s directive for all commercial banks to increase their paid up capital to Rs 8 arba by the end of FY 2073/74, MBL will need to issue a further capital hike of 8.25% against an annualized EPS of Rs 24.66 as of the end of Q2 this year. Its last closing price stood at Rs 363 as of March 9, 2017.