NBL FPO collects Rs 31.82 crore till the 6th day; 10,769 applicants applied for 11.36 lakh units of the FPO
Thu, Jul 5, 2018 11:13 AM on IPO/FPO News, Latest, Stock Market,
The FPO issue of Nepal Bank Limited (NBL) has collected Rs 31,82,95,600 (Rs 31.82 crore) till its sixth day from 10,769 applicants. The total issue is worth Rs 4.95 arba.
Nepal Bank Limited (NBL) is issuing Further Public Offering (FPO) to the general public from Ashadh 15. The bank is issuing 1,76,84,858 unit shares at a price of Rs 280 per share (premium included Rs 180). The bank will be gathering Rs 4.95 arba from the FPO issuance.
Applications have been received for 11,36,770 units till the sixth day of issue.
The issue was said to be closed on Ashadh 19, 2075. However, since the issue has been undersubscribed, it has been extended for one month i.e. till the third week of Shrawan, 2075. Since the issue will not close within the ongoing fiscal year, the premium received from the FPO issue cannot be shown in the Balance Sheet of the company for the year 2074/75.
The interested applicants can place their applications through any of the financial institutions providing C-ASBA facility. The minimum applications can be placed for 50 units while the maximum applications can be placed for all 1,76,84,858 units.
Care Rating Nepal Limited has assigned grading of CARE-NP IPO Grade 3 + indicating average fundamentals to the issue.
Siddhartha Capital has been appointed as the issue manager for the FPO issuance.
After the issuance of FPO, the stake of Nepal Government will be 51%. Currently it holds 62% of the total share of the bank. Similarly, after the issuance of FPO the paid-up capital of Nepal Bank Limited will go up by Rs. 1.76 arba and Rs. 3.18 arba in reserve with the premium amount of Rs 180 per share.
CBIL Capital, NIBL Ace Capital, Nepal SBI Merchant Banking, Civil Capital Market, Laxmi Capital Market, Sanima Capital, Sunrise Capital and Global IME Capital have been appointed as the underwriters of the FPO issue. They will underwrite 100% of the issuance among themselves.
It had reported net profit of Rs 2.56 arba in the third quarter of the current fiscal year.
