Nepse suspended trading of Everest Bank Convertible preference share for a week time

The trading of Everest Bank Limited Convertible Preference Share has been suspended in Nepal Stock Exchange Limited (NEPSE) from today. The trading of EBLCP has been suspended in NEPSE as per the letter from Everest Bank Limited. As per an official of Everest Bank, ‘Investors holding the convertible preference shares of the bank sold the shares more than the quantities hold by them after the book closure date. Hence, to clear the confusion we have written a letter to NEPSE to halt the transaction of EBLCP for seven days’ time period.’ The bank had issued 7% Irredeemable Convertible Preference Shares of Rs. 20.00 Crore (20, 00,000 Shares of Rs. 100/- each) at a premium of Rs. 100/- per Share. It has the provision of converting 20 percent of its 7% convertible preference share on every 3 years basis. Its Last Traded Price (LTP) stood at Rs 1568 as on October 3, 2016.