Sagarmatha Finance to auction 8.87 lakh units unclaimed right shares from Falgun 26 at Rs 100 and above

Sagarmatha Finance Limited (SAFL) will be auctioning its 8.87 lakh units unsold right shares from Falgun 26 to Chaitra 2, 2073. The finance company is selling 1,67,144.17 units ordinary shares and 7,20,318.83 units promoter shares after the right shares issued on Poush 11, 2073 were not fully subscribed by its shareholders. The finance company had offered right shares in the ratio 10:8. The auction will last till Chaitra 2, 2073. The bid will open to conclude the auction on Chaitra 4, 2073 at 1:00 PM. The auction will open at the head office of Sagarmatha Finance Limited, Manbhawan, Lalitpur. 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 for the ordinary shares and a minimum of 1,000 units for the promoter shares. The number of shares applied must be a multiple of 10. SAFL has urged interested bidders to submit their bids by 3:00 PM till Chaitra 2, 2073 at Sagarmatha Finance Limited, Manbhawan, Lalitpur. The investors applying for the auction can deposit the bid amount in the account number 1-08-06-16 at the head office of Sagarmatha Finance in Manbhawan, Lalitpur. Bidders can also apply through a “Good for Payment” cheque made in the name of Sagarmatha Finance Limited. Sagarmatha Finance Limited has earned net profit of Rs 5.61 crore in the second quarter of the fiscal year 2073/74. Its paid up capital remains at Rs 36.92 crore. After the capitalization of 80% right shares, its paid up capital will reach Rs 66.45 crore. As per NRB’s requirement for all national level finance companies to increase their paid up capital to a minimum of Rs 80 crore by the end of FY 2073/74, SAFL will need to issue a further capital hike of around 20.38%. It is yet to propose any dividend for the FY 2072/73. Also see: Auction data with cutoff prices of recently auctioned right shares