Tentative cutoff of NCC Bank's auctioned promoter share stands at Rs 101 and at Rs 201 above for ordinary share; CIT has chance for Promoter Shares but out of the game for Ordinary Shares

Nepal Credit and Commerce Bank Limited's (NCCB) had opened an auction for 79.10 lakh unit right shares.

The bank has auctioned 65,16,795 units promoter shares and 13,94,198 units ordinary shares. For the promoter shares, the existing promoters of the company will be given priority while issuing the shares.

Sunrise Capital Limited has been appointed as the issue manager for the auction of the shares.

According to the officials at Sunrise Capital, the tentative cut-off of Promoter Shares stands at Rs 101 and has been fully subscribed. A total of 119 applications were received, with CIT bidding for highest number of units at Rs 101. 

Similarly, the tentative cut-off of the Ordinary Shares stands at Rs 201 and has been fully subscribed. A total of 4,922 applications were received for it. Since CIT had applied at Rs 191, it will not be allotted any public shares.

Currently, the paid up capital of the bank is Rs 4.67 arba. After the adjustment of the right shares, the paid-up capital of the bank will rise to Rs 7.01 arba. The bank will likely distribute bonus shares for the remaining Rs 99 crore to meet the minimum capital requirement of Rs 8 arba.

The LTP of NCCB is Rs 218. Similarly, the promoter shares of NCC Bank (NCCBPO) was last traded on December 30, 2018, at Rs 130.