Mount Makalu Development Bank to auction unsold 16,181 unit right shares at Rs 100 & above from Magh 21; LTP at Rs 673

Mount Makalu Development Bank (MMDBL) will be auctioning 16,181 unit unsold right shares from Magh 21, 2074. The development bank will be auctioning 6,137 unit ordinary and 10,044 unit promoter shares. Around 4.68% of the total issue was unsubscribed. The development bank had issued 50% right shares to its shareholders from Mangsir 7 to Poush 12, 2074. The auction will last till Magh 28, 2074. NIBL Capital Markets Limited is the issue manager for this 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 100 unit of shares for ordinary and a minimum of 1,000 unit of shares for promoter. Moreover, only existing promoter are eligible to bid for promoter shares. Interested investors can collect bid forms from NIBL Capital Limited, Lazimpat, Kathmandu and its branches at Lagankhel in Lalitpur and Chipledhunga in Pokhara, MMDBL, Tehrathum and designated branches of Nepal Investment Bank Limited (NIB) and submit their bids within office hours on Magh 28, 2074. The development bank has urged all bidders to deposit the bid amount in account number 0124524616367018 maintained in the name of NIBL Capital Markets Limited at Kumari Bank Limited. Also the bidders can submit their application with Good For Payment Cheque. MMDBL has posted net profit of Rs 5.39 lakh up to the end of first quarter of FY 2074/75. MMDBL’s 6th AGM held on Falgun 25, 2073 had endorsed 50% right shares to their shareholders. MMDBL has a paid up capital of Rs 6.91 crore at present. After issuance of 50% right share, its paid up capital will reach to Rs 10.37 crore. As a 1 district-level development bank (based in Tehrathum), it will need to increase its paid up capital to Rs 50 crore by the end of FY 2073/74. Kabeli Bikas Bank Limited (KEBL) has signed an agreement to acquire Mount Makalu Development Bank Limited (MMDBL). Its last traded price (LTP) stood at Rs 673 as on Magh 11, 2074.