Preliminary cut-off price of auctioned right shares of First Microfinance stands at Rs 495

The auction for the unsold 26,884 unit ordinary right shares of First Microfinance Development Bank Limited (FMDBL) has concluded.

The cutoff for ordinary shares stood at Rs 495. A total of 120 applications were received for 26,884 unit shares.

Global IME Capital Limited had been appointed as the issue manager for the right share auction.

FMDBL has earned Rs 7.30 crore in the third quarter of the current fiscal year 2074/75.

The company had issued 50% right shares worth Rs 22.81 crore. After the adjustment of right shares, the paid-up capital of the company will reach Rs 68.43 crore. FMDBL is a wholesale microfinance and needs to maintain minimum capital requirement of Rs 60 crore till the end of the ongoing fiscal year. Hence, after the right issue, the company meets the minimum capital requirement.