Only 1 application received for auction of 70 lakh unit promoter shares of NCCB; Re-auction to occur in the near future

The bid opening for the 70 lakh unit promoters share of Nepal Credit and Commercial Bank today. The auction was closed on Falgun 30, 2074. All the 70 lakh unit shares belong to NB Group for which the auction was open from Magh 18, 2074. As per the information received, only 1 applicant had applied for 3,000 units at Rs 211 each. So, they will be re-auctioning the unsold shares in the near future. There were also few reports suggesting the interest of a big corporate house interested in purchasing the significant amount of promoter shares of the bank. But it backed out after the shares of the bank went unsold in the previous auction at a much lower price. CBIL Capital Markets Limited was the issue manager for this auction. The investors have shown less interest in the auction of the shares. The reason might be the bearish trend of the market.