Total 9,223 bids received for 19.68 lakh units auctioned shares of Agricultural Dev Bank; cutoff price to be decided in 3 days

Agricultural Development Bank Limited (ADBL) had auctioned its 19,68,575 units of ordinary right share to the general public from to Magh 27, 2073 till Falgun 12, 2073. The bids are being today at 3:00 PM. An official of Ace Capital Markets Limited, which managed the auction for Agriculture Development Bank, said that, “Due to high number of applicants received in the auction the cut off price for 19.68 lakh units ordinary shares will be revealed after 3 days.  Total 9,223 applicants were received for 19.68 lakh units of ordinary shares and only 200 sealed bid have been opened so far.” ADBL has proposed 20% bonus share for the FY 2072/73. After the capitalization of bonus, auctioned shares and 50% right share, the paid up capital of the commercial bank will reach Rs 7.08 arba, in addition to irredeemable preference share capital worth Rs 5.43 arba. It will need to further hike its capital by around 13% to meet NRB’s minimum requirement of Rs 8 arba by the end of FY 2073/74. Agricultural Development Bank has earned Rs 90.66 crore in the second quarter of the current fiscal year 2073/74.