Progressive Finance to auction unsold 402,776 units shares at Rs 100 & above; LTP at Rs 161

Progressive Finance Company Limited (PROFL) is auctioning its ordinary right shares and promoter right shares to the general public from today (Ashwin 1, 2072). As per the notice published by the finance company, it will be selling 84,276 units of ordinary right share and 3, 18,500 units of promoter right shares as the rights shares issued on Shrawan 17, 2072 were not fully subscribed by the investors. It had offered 4:3 ratio right shares. Growmore Merchant Banker limited is the issue manager for this auction. The auction starts from Ashwin 1 (today) and will last till Ashwin 7, 2072. The Finance company has urged the interested bidders to submit their bids by 3:00 PM of Ashwin 7 at the Growmore Merchant Banker Limited located at Durbarmarg, Kathmandu. Bidders must quote a minimum price of Rs 100 per unit, which means that the lowest bid amount must be more than Rs 100. The investors applying for the auction can deposit the bid amount in the account number 00201102200033 of the Everest Bank Limited. The Last traded price of PROFL stood at Rs 161 on September 17.