NIDC squares off 8.88 lakh units of Nabil Group B promoter scrip; Rs 1,315 highest bid amount

ShareSansar, April 29:

NIDC Development Bank has managed to auction significantly high number of group B promoter shares of Nabil Bank Limited through an auction held to end the crossholding among the BFIs.

Opening the close bids yesterday, NIDC was able to square off 8,88,307 units among 10.76 lakh units of shares it had floated for the auction on March 31.

The highest bid amount was Rs 1,315, and there were 259 bidders, including an institution bid for 1 lakh units, according to the sources privy of the development.

Similarly, LICN has bid for 50,000 units, sources added.

NIDC officials are not immediately in a position to give specifics about the auction since the bidder only had to deposit 2.5 percent of the total bid amount in advance.

In the next few days, NIDC will issue a notice to ask the bidders to submit the entire bid amount, officials informed.

The closed bids were opened at NIDC’s head office at Dubarmarg, Kathmandu yesterday at 11:00 AM in presence of the bidders and concerned officials.

It may be noted that when the state-run development bank had invited the bids, the minimum bid amount was set at Rs 1,254, and that the interested applicants had to bid for at least 100 units of the scrip.

The minimum bid amount was higher than the last traded price of Nabil’s promoter shares at NEPSE, which hovers at 1,250.

This is the fourth time NIDC is trying to auction the promoter shares of Nabil it has been holding for years now.

Though it tried to sell all the promoter shares in each of the earlier auctions, they could not woo enough bidders as investors complained that the minimum bid amount fixed by NIDC was high.