Reliance Lotus Finance FPO collection crosses Rs 51.42 crore, Oversubscribed by 10 times

Reliance Lotus Finance Limited (RLFL) had floated its Further Public Offering (FPO) from Poush 5 to Poush 8, 2072. As of now FPO has been oversubscribed by 10 times. Bijay Lal Shrestha, CEO of Reliance Lotus Finance Limited said, “The total collection of the FPO has crossed Rs 51.42 crore. It is only tentative data and final data is yet to be compiled as more data are pouring in.” The Finance company had issued a total of 5, 14,286 kittas shares to the general public at the rate of Rs 100 per unit. Interested people were required to apply a minimum of 50 units while they can apply maximum of 10,000 unit shares. The issue manager for the FPO is NCM Merchant Banking Limited. The authorized and issued capital of company is Rs 65 crore and Rs 37.14 crore respectively. The Paid up capital of the company remains at Rs 32 crore. After the FPO, the paid up will reach Rs 37.14 crore. After the FPO promoter- public ratio will be at 70% to 30%. ICRA Nepal has assigned an “[ICRANP] IPO Grade 5”, indicating poor fundamentals to the proposed FPO of Reliance Lotus Finance.