Sewa Bikas Bank struggles to find buyers for its shares

ShareSansar, June 14:

Sewa Bikas Bank has announced auctioning of its unclaimed rights shares among general public for the second time.  

The bank had initially called on the general public to bid for a total of 3,28,309 unclaimed rights shares, which included 1,54,100 promoters shares and 1,74,209 ordinary shares, on March 7, 2013.    

After no application was filed for the shares, an auction was held among the bank’s promoters on May 16, 2013. Not all shares were sold even during that auction.
Therefore, the bank is again calling on the general investors to bid for the remaining 2,78,579 shares, which includes 1,43,400 promoters shares and 1,44,179 ordinary shares.
The auction will begin from June 16 and will remain open till June 30.

The minimum price for the shares has been fixed at Rs 100. NMB Capital has been appointed as the issue manager for the shares.

In its financial statement for the third quarter of FY 69/70, Sewa Bikas Bank posted a paid up capital of Rs 19,14,88,730 and a reserve of Rs 4,77,15,130. As per the statement, the bank’s EPS is Rs 14.27 and its net worth is Rs 134.58.