Mission Dev. Bank to auction 4.19 lakh units shares at Rs 100 & above from Baisakh 28; LTP at Rs 455

Mission Development Bank Limited (MIDBL) will be auctioning its ordinary and promoter right shares to the general public from Baisakh 28, 2074. As per the notice published by the development bank today, it is selling 95,174 units ordinary shares and 3,24,556 units promoter shares after the rights shares issued on Chaitra 3, 2073 were not fully subscribed by the shareholders. The development bank had offered right shares in the ratio of 1:1. The auction will last till Jestha 4, 2074. The bid will open to conclude the auction on Jestha 7, 2074 at 3:00 PM. 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. Vibor Capital Limited is the issue manager for this auction. The bank has urged interested bidders to submit their bids within 3:00 PM till Jestha 4, 2074 at Vibor Capital Limited, Krishnagalli, Lalitpur or Mission Development Bank head office , Butwal, Rupandehi. The investors applying for the auction can deposit the bid amount in the account number 03100120004102000002 maintained in the name of Vibor Capital Limited at Vibor Society Development BankLimited, Tripureswor, Kathmandu or in the account number 1001L0011000732 of Mission Development Bank, Butwal. Mission Development Bank Limited has earned net profit of Rs 3.66 crore in the second quarter of the FY 2073/74. As per NRB’s directive for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, MIDBL will need to issue a further capital hike of around 28.28%. Its last trade price (LTP) stood at Rs 455 as on April 3, 2017.