Nilgiri’s share auction: 177 cut-off price; Prudential Insurance: tie at 402.10 for ordinary scrip

ShareSansar, March 5:

Nilgiri Vikas Bank Limited has auctioned 31,122 units of unclaimed ordinary right shares to the general public.

Though Elite Capital, the issue manager is still collecting the cheques, sources informed that only those who bid at Rs 177 or above will be allotted the shares, and that the highest bid amount is Rs 191.

There were altogether 103 bidders for the auction that closed yesterday.

The minimum bid price for shares had been priced at Rs 100, and the bidders had to apply for a minimum of 100 units, and deposit the entire bid amount in advance.

The bid calls were closed on February 28.

Similarly, Prudential Insurance Company Limited held the auction a day before.

According to NMB Capital, the issue manager, the cut-off price for the auction was Rs 402.10 for 11,636 units of ordinary unclaimed shares.

“There has been a tie at Rs 402.10,” said an official with the issue manager, adding that the actual allotment will take place only tomorrow.

Insofar as 21,250 units of unclaimed promoter shares are concerned, two of the promoters agreed to divide the scrips between them at Rs 122 and Rs 112.

The minimum bid price for both kinds of shares was priced at Rs 100, and the bidders had to apply for a minimum of 100 units and deposit the entire bid amount in advance.

Western Development opening bids today

Western Development Bank Limited is opening the bids to conclude the auction of 80,269 units of its ordinary shares today.

The bidder had to apply for a minimum of 100 units for the ordinary shares which are being auctioned at Rs 100 face value.

Growmore Merchant Banker Limited at Durbar Marg, Kathmandu is the issue manager.