City Hotel Limited has opened the sealed bids for its auctioned shares, with 2,860 applications received. Final cutoff prices will be determined after verification.
City Hotel Limited has opened the sealed bids for the shares it put up for auction. The process was conducted by the issue manager, Prabhu Capital, last Friday. According to Prabhu Capital, a total of 2,860 applications were received for the auction.
The preliminary cutoff prices were set at NPR 306.10 for employee shares, NPR 276 for promoter shares, and NPR 467 for ordinary shares. However, the final cutoff prices will be determined only after verification of applications and cheques.
The company had put up 2,150,418 shares remaining from its rights issue for auction from Kartik 23 to Kartik 30. This included 1,989,999 shares from the promoter group, 6,000 shares from employees, and 154,419 shares from the general public. The promoter and employee shares are under a lock-in period until Jestha 4, 2083.
City Hotel had previously issued 13,392,000 shares, equivalent to NPR 133.92 crore, representing 80 percent of its paid-up capital. The Securities Board of Nepal (SEBON) had approved the rights issue on Saun 4, 2082.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
