Prabhu Bank to auction 3.41 lakh units unsold Right shares at Rs 100 & above from Jestha 32; Bidders must bid for minimum of 100 units

Prabhu Bank Limited (PRVU) will be auctioning its ordinary right shares and promoter right share to the general public from Jestha 32, 2073. According to a notice published today, the bank will be selling 1,84,614.40 units of ordinary right share and 1,57,271.60 units promoter share after the rights shares issued on Falgun 16, 2072 were not fully subscribed by the investors. The bank had offered right shares at the ratio of 10:2. Only promoter shareholders can bid for the promoter shares. The auction will start from Jestha 32, 2073 and will last till Ashad15, 2016. The bid will open to conclude the auction on Ashad 16, 2073. Bidders must quote a minimum price of Rs 100 per unit, which means that the lowest bid amount must be more than Rs 100. Interested bidders must bid for a minimum of 100 units of share or maximum they can apply digit that can be divided by 10. Growmore Merchant Banker Limited is the issue manager for this auction. The bank has urged the interested bidders to submit their bids by 3:00 PM till Ashad 15 at the growmore Merchant Banker Limited located at Durbarmarg, Kathmandu. The investors applying for the auction can deposit the bid amount in the account name Growmore Merchant Banker Limited and account number 0010000184CC of Citizens Bank International Limited located at Kamaladi, Kathmandu. Prabhu Bank trading has been halted in Nepal Stock Exchange Limited (NEPSE) since September 30, 2015. It’s been eight months and the trading of shares of Prabhu Bank is still in halt though its merger process with Grand bank has been completed and joint operation has also started. PRVU has earned net profit of Rs. 75.78 crore in the third quarter of the fiscal year 2072/73.