Srijana Finance cancels auctioned unsold 61,222 units shares; SEBON barred auction; No applications filed

Srijana Finance Limited (SFFIL) has cancelled auction of 30, 552 units ordinary and 30, 670 units promoter right shares until further notice. According to Bhawani Shankar Chapagain, CEO of Srijana Finance, ‘Securities Board of Nepal (SEBON) has dismissed the approval for auctioning the unsold ordinary and promoter right shares. Another notice regarding the auction will be published soon after the matter is resolved.’ No application has been filed till date for the unsold auction shares. The finance company was selling total of 61, 222 units ordinary and promoter shares after the rights shares issued on Magh 25, 2072 were not fully subscribed by the investors. It had offered right shares in the ratio of 2:1. Only promoter shareholders can bid for the promoter shares. Bidders were required to quote a minimum price of Rs 100 per unit, which means that the lowest bid amount must be more than Rs 100. The last trading price (LTP) of the shares stood at Rs 71 as on November 15, 2015.