Preliminary cutoff price of 11,626 units auctioned ordinary shares of First Microfinance at Rs 1150.01; cut off price above market price

First Microfinance Development Bank Limited (FMDBL) had auctioned 11,626 units ordinary shares from Shrawan 15 to Shrawan 22, 2074. The bids were opened today at Global IME Capital Limited at 3 PM. As per an official of Global IME Capital Limited, the issue manager of the auction, tentative cutoff price for ordinary shares stood at Rs 1150.01, which is higher than the last traded price. There were 88 applicants who applied for 11,626 shares. Out of only 8 applicants were allotted with the shares. Siddhartha Bank Limited (SBL) grabs the major shares. SBL has appiled for 11,626 units @ Rs 1150.01. Likewise, Guheshowori Merchant Bank and Finance Co. Ltd. (GMFIL) applied for 5000 units @ Rs 1056 and Asian Life Insurance Co. Ltd. (ALICL) also applied for 5000 units @ Rs 1021. Refunds for non-allottees will be issued 3 days after endorsement by the bank’s BOD. FMDBL has earned net profit of Rs 8.02 crore in the fourth quarter of the FY 2073/74. Its Last traded price (LTP) stand at Rs 1124 as on August 9, 2017.