Tinau Dev Bank opens bidding of 18,660 units of ordinary shares

ShareSansar, October 12:

Tinau Development Bank has opened the bidding of its 18,660 units of ordinary shares which the bank is selling through the auction.
 
The bank is auctioning the rights shares to the public after the shares were not subscribed by the shareholders when issued earlier on Shrawn.
 
The bidding will be opened till Thursday. The bank has fixed Rs 100 as the minimum bidding price for it’s per unit share.

 According to the bank, interested individual or institutional investors can bid minimum 100 units shares while the maximum bidding units should be multiplied by 10.

Citizen Investment Trust is the issue manager of Butwal based Tinau Development Bank.

“Interested investors can send their sealed bidding quoting the price and quantities of the number of shares to CIT office New Baneshwor by Thursday,” reads the notice of the bank.

The bank has pledged 15 percent bonus share and 0.79 percent cash dividend for the tax purpose to its shareholders from the profit it posted in the last fiscal year 2071/72. Tinau’s profit had increased by impressive 96 percent in the last fiscal year as it had posted a net profit of Rs 2.87 crore, up from Rs 1.47 crore of the previous fiscal year.