4 Companies seek 1.9 million unit shares of Sarbottam Cements

Nov 27, 2023 01:28 PM Merolagani

Eligible institutional investors have sought 3,619,190 units of shares of Sarbottam Cements. Sarbottam Cements issued the shares through book building process for the first time in the country.

Most of the applicants have bid for the shares at Rs 401 which is possibly cut-off price for  the shares.

 Nepal Stock Exchange (NEPSE) informed that the applicants have applied within a price range of Rs 401 to Rs 406. As per NEPSE, two mutual funds of Kumari Capital has submitted applications for the highest number of shares in which Kumari Capital has applied for 5,000 units, Kumari Equity Fund 15,000 units and Kumari Dhanbriddhi has applied for 20,000 units of share at the rate of Rs 406 per unit.

After Kumari Capital, Citizen Investment Fund has sought 400,000 units of shares at Rs 405 per unit.

Apart from them, City Express Investment, Sky Touch Investment, Alka Investment Pvt Ltd and Nepal Life Insurance have sought shares at Rs 401 per unit.

Currently, the applications are being validated and deposited money is being settled.

After completing the scanning, cut off price will be fixed. As per NEPSE, the possible cut-off price is Rs 401.

Once the cut-off price is fixed, applicants who have bid quoting above the cut-off price will be provided desired number of shares.

The company that opened the bidding to the eligible institutional investors from November 22-26.

The company sought approval to issue 12.9033 percent shares i.e. 6 million units of shares of its issued capital of Rs 4.65 billion. Out of it, in the first phase, the company is issuing 40 percent i.e. 2.4 million units in between Rs 401 to Rs 601.

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