Saptakoshi Dev. Bank auctioning 97,526 units unclaimed right shares from today at Rs 100 & above; LTP at Rs 290

Saptakoshi Development Bank Limited (SKDBL) is auctioning its ordinary and promoter right shares to the general public from today (Chaitra 18, 2073). The bank is selling 40,826 units ordinary share and 56,700 units promoter shares after the rights shares issued on Poush 24, 2073 were not fully subscribed by the shareholders. The bank had offered right shares at the ratio of 1:1. The auction will last till Chaitra 25, 2073. The bid will open to conclude the auction on Chaitra 27, 2073 at 3:00 PM. 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 of ordinary shares. NMB Capital Limited has been assigned as the issue manager for this auction. The bank has urged interested bidders to submit their bids by 1:30 PM till Chaitra 25 at NMB Capital located at Nagpokharii, Kathmandu or also at Saptakoshi Development Bank, Corporate Office, Biratnagar. The investors applying for the auction can deposit the bid amount in the account number 00130600054010000177 maintained in the name of NMBCL-Saptakoshi Right 2073/074 at NMB Bank Limited. Saptakoshi Development Bank had convened its 4^th Annual General Meeting (AGM) on Poush 28, 2073. The AGM had also endorsed 11% bonus share and 1:1.3 (130%) right share to its shareholders. After the issuance of 100 percent right, 11 percent bonus and again 130 percent right share, its paid up capital will reach Rs 48.53 crore. As per NRB’s directive for all 1-3 district level development banks to maintain a minimum paid up capital of Rs 50 arba by the end of FY 2073/74, SKDBL will need to further increase its paid up capital by only 3%. Its last traded price stood at Rs 290 as on March 30, 2017.