NB Group to exit NCC Bank; 70 lakhs of promoter shares out for public to grab in auction at Rs 210 & above

Nepal Credit and Commerce Bank (NCCB) has published the notice regarding the auction of its 70 lakh unit promoter shares which is approximately 15% of its current paid up value of 4.67 arba for the general public. The bank has called for the interested applicants to submit their bids between Magh 18, 2074 to Falgun 3, 2074. In the public notice published by the bank today, it is seeking to sell the ownership of 70 lakh unit promoter shares that belong to NB group through the upcoming auction process. Interested applicants are required to submit their bid application quoting the minimum bid price of Rs 210, as per the notice. CBIL Capital Batuleghar, Dillibazar, Kathmandu has been appointed as an issue manager for the proposed auction process. Interested applicants who fulfill all the criteria for purchasing promoter shares can submit their application with all the necessary documents between Magh 18 and Falgun 3 demanding a minimum 100 unit shares. The bid opening day has been set on Falgun 6, 2074 at 11 a.m. Interested applicants have to deposit 5% of total bid amount in the account no 0480000046cc held in the name of CBIL Capital in Citizens Bank International . S/he is required to include either original deposit voucher or good for payment cheque issued in the name of CBIL Capital along with the enclosed application. After the conclusion of this auction process, the holding of NB Group will be diluted completely in NCC Bank as in the previous case of Nepal Bangladesh Bank. despite of exiting from their majority share holding, NB group will have a minimal share holding in the commercial bank as in the form of token holding.