Sunrise Bank auctioning unsold 7.10 lakh units right shares at Rs 100 & above from Ashwin 8; LTP at Rs 322

Sunrise Bank Limited (SRBL) is ­auctioning its 7,10,743 units unclaimed right shares from Ashwin 8, 2074. As per the notice published by the bank today, the commercial bank is auctioning 6,38,131 units ordinary shares and 72,612 units promoter shares after the right shares issued from Jestha 16, 2074 to Ashad 19, 2074 were not fully subscribed by its shareholders. The bank had floated a total of 16,359,636 units right shares in the ratio 10:3 and around 4.34 % right shares were left unclaimed. The auction will last till Ashwin 22, 2074 and the bids will be opened to conclude the auction on Ashwin 23, 2074. Sunrise Capital Limited is the issue manager for this auction. 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. Interested investors can collect bid forms from Sunrise Capital Limited, Kamalpokhari, Kathmandu and submit their bids within office hours on Ashwin 22, 2074. The bank has urged all bidders to deposit the bid amount in account number 0020368130401001 maintained in the name of Sunrise Capital Limited at Sunrise Bank Limited. After the adjustment of the rights shares, the bank’s total paid-up capital will reach to Rs 7.08 arba from existing Rs 5.45 arba. As per NRB’s requirement for all commercial banks to increase their paid up capital to a minimum of Rs 8 arba by the end of FY 2073/74, SRBL will need to issue a further capital hike of around 13 %. SRBL has earned Rs 1.18 arba net profit in the fourth quarter in the fiscal year 2073/74. Its last traded price stood at Rs 322 as on September 11 , 2017.