Sindhu Bikas Bank auctioning unclaimed 7.08 lakh unit shares at Rs 100 & above from Poush 4; LTP at Rs 177

Sindhu Bikas Bank Limited (SINDU) will be auctioning its unclaimed 7,08,975 units right shares to the general public from Poush 4, 2074. As per the notice published today, it will be selling 1,42,102.60 units ordinary shares and 5,66,872.40 unit promoter shares after the right shares issued on Bhadra 18 to Kartik 5, 2074 were not fully subscribed by its shareholders. It had offered right shares in the ratio of 2:1. Around 33.80 % shares were unsubscribed. The auction will last till Poush 12, 2074. 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 shares for ordinary shares and 1000 unit for promoter shares. Only existing promoters can bid for promoter shares. NIBL Capital Markets Limited is the issue manager for this auction. The development bank has urged interested bidders to submit their bids within banking hour till Poush 12, 2074 at NIBL Capital Markets Limited, Lazimpath, Kathmandu or also in designated branches of Nepal Investment Bank Limited. The investors applying for the auction can deposit the bid amount in the account number 0124524616411017 maintained in the name of NIBL Capital Markets Limited at Kumari Bank Limited, Putalisadak or can apply through Good for Payment cheque. After the adjustment of the rights shares, the bank’s total paid-up capital will reach Rs 47.19 crore from the existing Rs 26.21 crore. The bank has authorized capital of 70 crore. As per NRB’s directive for all 1-3 district level development banks to increase their paid up capital to a minimum of Rs 50 crore by the end of FY 2073/74, SINDU will need to issue a further capital hike of around 6%. SINDU has earned net profit of Rs 10.01 crore in the first quarter of the FY 2074/75. Its last traded price (LTP) stood at Rs 177 as of last trading day. Announcement: