NIDC Dev sold mere 84,690 units promoter share of Nabil Bank at Rs 1,327 & above

ShareSansar June 11:

NIDC Development Bank had invited sealed bids for 2,09,905 units of (Group B) promoter shares of Nabil Bank Limited it holds in a bid to comply with the NRB directive to end cross-holding of BFI scrips. Out of which only 84,690 units share were applied by the investors.  

Issuing a tender notice on April 7, 2015, the state-run development bank had stated the minimum bid amount was set at Rs 1,327, and that the interested applicants must bid for a minimum of 100 units of the scrip or above.

The interested bidders were allowed to file the bid from April 7.  The last day of the closed bids was on 27th April, 2015 which was later extended for 15 days till May 12 because of massive earthquake that took place in April 25. The close bids were needed to be submitted at NIDC’s central office at Durbar Marg or its branches at New Road, Biratnagar, Pokhara and Dhangadhi.

The bid opening took place on May 21. Later, on May 25 they published a notice asking the investors to deposit the entire amount within 35 days to whom the shares have been allotted.
Total number of applicants for the sealed bids was 5.  Out of five, one was institutional investor whereas; the other four were individual investors.

This was the fifth time NIDC tried to auction the promoter shares of Nabil Bank which it had been holding for years now. If the investors to whom the shares have been allotted, deposits the entire amount within stipulated time and get hold of 84,690 units share then NIDC will be left with  only 1,25,215 units of  Nabil’s promoter share.

Earlier, NIDC Development bank had auctioned 10.76 lakhs units of group B promoter shares of Nabil Bank. At that time the minimum bid amount was set at Rs 1,254 per share.