Siddhartha Development Bank auctioning 8.57 lakh units unclaimed right shares from today at Rs 100 & above; LTP stood at Rs 297

Siddhartha Development Bank Limited (SDBL) is auctioning for unclaimed 4,05,888.45 units promoter shares and 4,51,548.56 ordinary right shares from today (Ashad 14, 2074). The development bank is selling the shares after 8,515,006 units right shares issued on Baisakh 7, 2074 were not fully subscribed by its shareholders. SDBL had offered right shares in the ratio 10:6. Around 10.06% of the total issue was unclaimed by its shareholders. The minimum bid price for the shares is set for Rs 100, which means the bid amount per share should be greater than Rs 100. The auction will last till Ashad 21, 2074 and the bids will be opened to conclude the auction on Ashad 23, 2074 at 01:00 PM. Bidders must apply for a minimum of 100 units of shares. Nabil Investment Banking Limited is the issue manager for the auction. Applicants can collect bid forms from Nabil Investment Banking Limited, Naxal, Kathmandu. The bank has urged interested bidders to deposit the bid amount within banking hours on Ashad 21, 2074 in the account number 3506017500006 maintained in the name Nabil Investment Banking Limited in Nabil Bank Limited, Kathmandu. SDBL has earned net profit of Rs 28.83 crore in the third quarter of the FY 2073/74. After the adjustment of right shares, the paid up capital of SDBL will reach Rs 2.27 arba. Siddhartha Development Bank is in final process of being acquired by Janata Bank Nepal Limited (JBNL) in a share swap ratio of 1:1. After the acquisition, the final paid up capital of Janata Bank will reach around Rs 7 arba. Its LTP stood at Rs 297 (pending to be adjusted to Rs 223 for 60% right share) as of its last trading day whereas JBNL’s LTP stood at Rs 261 as of yesterday (June 27, 2017).