हिमालयन बैंकको लिलाममा राखिएको सेयर बोलकबोलबाट बिक्री, आबेदनमा देखियो 'यस्तो गजब'

हिमालयन बैंकले लिलाममा राखेको १ लाख ४५ हजार ५ सय ८० कित्ता साधारण सेयर बोलकबोलबाट बिक्रि भएको छ। चैत १६ सम्म प्राप्त भएका लिलामसम्बन्धि बोलपत्र बैंकको सेयर निष्काशन तथा बिक्रि प्रबन्धक लक्ष्मी क्यापिटल लिमिटेडमा खोलिएको हो।

लिलाम बढाबढमा बिक्रिमा रहेको साधारणतर्फको हकप्रदमा प्रति कित्ता ९३१ रुपैयाँ (कट अफ प्राइस) बोलपत्र पेस गर्नेले हिमालयन बैंकको सेयर पाएका छन। प्राप्त जानकारी अनुसार हिमालयन बैंकको लिलाम बढाबढमा राखिएको हकप्रद सकार्न प्रति कित्ता न्युनतम १०० रुपैयाँ र अधिकतम ११७५ रुपैयाँमा आवेदकले बोलपत्र पेश गरेका छन। जबकी दोस्रो बजारमा हिमालयन बैंकको प्रति कित्ता ९८० रुपैयाँमा कारोबार भएको छ।

बैंकले गत कात्तिक २६ देखि मंसिर ३० सम्म १४ दशमलब २८ प्रतिशत हकप्रद बिक्रि खुला गर्दा सर्वसाधारण समूहको अवितरित हकप्रद सेयर लिलाम बढाबढ गरि बिक्रि गरेको हो। त्यो बेला बैंकले प्रति कित्ता १ सय रुपैयाँका दरले ६४ करोड रुपैयाँ बराबरको ६४ लाख २७ हजार ३५० कित्ता हकप्रद बिक्रि खुला गरेको थियो।

बैंकले गत आर्थिक बर्षको कमाईबाट ३० प्रतिशत बोनस सेयर वितरण गरेको छ। ३० प्रतिशत बोनस सेयर बितरणपछी बैंकको चुक्ता पुंजी ६ अर्ब ४४ करोड रुपैयाँ पुगेको छ।

बोनस सेयर समेत पुंजीकृतपछि बैंकको प्रति सेयर आम्दानी ३५ दशमलव १५ रुपैयाँ पुगेको छ। ४ अर्ब ९६ करोड चुक्ता पुंजीको १४ दशमलब २८ प्रतिशत हकप्रद वितरणपछि बैंकको कुल चुक्ता पुंजी ७ अर्ब १५ करोड रुपैयाँ पुग्ने छ।

बैंकले चालु आर्थिक बर्षको दोस्रो त्रैमासमा २८ दशमलब १२ प्रतिशतले खुद मुनाफा बढाएको छ। गत आर्थिक बर्षको यस अवधिमा ८० करोड २२ लाख रुपैयाँ खुद मुनाफा आर्जन गरेको बैंकले यस अवधिमा १ अर्ब २ करोड ७८ लाख रुपैयाँ खुद मुनाफा आर्जन गरेको छ।

Source: बिजपाटी

A Case for Share Auction : Why to Choose?

Initial public offerings (IPO), right shares, bonus shares and buying shares in the secondary market are quite prevalent in the Nepalese market. But a majority of general investors who invest aren’t aware of another kind of investment vehicle- SHARE AUCTION. Hence, only seasoned investors who keep track of these anomalies gain from investing in this novel approach.

What is a share Auction?

There are two instances when institutions undertake auctions.

• Offloading the institution’s current holdings

1. This type of auction happens when institutions have shares of other institutions and want to sell these shares for profit booking or for compliance issues.

Example: To comply with the central bank’s directive that all BFIs give up cross holdings in other BFIs, Rastriya Banijya Bank Limited had called a tender to divest 56.52 lakh units of promoter shares of Nepal Investment Bank Limited and 1.96 lakh units of promoter shares of Nepal Awas Finance Limited.

• Auction of the unsubscribed right shares

1. When institutions need to inject additional capital, they issue right shares which can only be applied by the existing shareholders of that company. Disinterest of the current shareholders, unavailability of funds or unawareness of the current shareholders about the right issuance might lead to a fraction these shares being unclaimed. The shares that aren’t subscribed (unclaimed) for are then called for auction to the regular investors/public (who may or may not be the institutions current shareholders).

Example: Life Insurance Corporation (Nepal) Ltd. recently issued 1,012,500 right shares of which 35,468 units were unclaimed by its “current” shareholders which were then called for auction to the general public.

HOW can I apply?

Applying to unclaimed shares is quite similar to applying for IPOs.

• Get the forms from institution undertaking the auction, usually an Issue Manager.
• Fill the forms and deposit the entire amount equivalent to the applied shares in the bank or submit a good for payment check.
• Usually auctions only open for a short period and after which the unclaimed shares are allotted to the highest bidders. Auction of right shares follows the regular bidding process; whoever bids the highest price gets the shares he/she has applied for. In case, two or more bidders applied for the shares at an equal rate then they are allocated shares proportionate to their applied shares. The bidders who weren’t allotted any shares are refunded their entire amount.

WHY should I apply?

Applying for auctions can have a few advantages.

• Funds are only frozen for a few days (roughly 15 days) as opposed to 120 days in IPOs.
• These shares are listed in a few weeks (depends on the Issue Manager) and can be traded allowing for quicker turnover of funds. This period is significantly shorter than IPO’s.
• Since the investor is purchasing shares directly from the institution, they don’t have to pay broker and Security Board Nepal (SEBON) commission.
• In our market acquiring big blocks of certain shares is difficult ; but share auctions give investors an opportunity to acquire these shares in huge chunks.

Source: Nepal Stock

How Much to Bid for Agriculture Bank (ADBL) in Auction?

Agricultural Development Bank Limited (ADBL) had issued right shares in the ratio 2:1 from Kartik 3 to Mangsir 7, 2073. In this issue period, 1 in 5 shares was not subscribed by the shareholders. ADBL is auctioning these unsold 19,68,575 units right shares to the general public at a premium price. The main question here lies: how much to bid in the ADBL auction?

At more than 19.68 lakh units shares worth more than Rs 19.68 crore in paid up value, this is the largest auction of unclaimed right shares of any company in Nepal. If the recent trend in cutoff prices of unclaimed right shares is taken into account, ADBL is expected to earn a good Rs 40-50 crores+ in premium.

Basis for bidding on unclaimed right shares

Investors interested in acquiring unclaimed shares normally should bid less than the market price. While there are some who might bid above the current market price, sensible investors always bid less than the market price. The logic here is simple: why spend more money in auction when you can get the same number of shares in the stock market for a lower price?

What does the cutoff price trend show?

Bidders typically look at the market price on the second last day of the auction when establishing base for the bid amount per share. Trend shows that the cutoff price is normally 10-20% less than the market price on the last day.

Let’s take a look at the recent auctions:

Cutoff price for development banks are far lower than for commercial banks. This means that interested bidders might get away with bidding more than 20% lower than the last closing price. The highest difference between market price and cutoff price for a commercial bank was for Prime Commercial Bank at 10.66%.

When Machapuchchhre Bank Limited (MBL) auctioned its 2,33,983.79 units ordinary right share to the general public, its cut off stood at Rs 525. The last trading price of Machapuchchhre Bank, a day before the bid opening day stood at Rs 560.

Likewise, Laxmi Bank Limited (LBL) had auctioned its 186,462 units ordinary right shares to the general public. The cut off price for the auction was set at Rs. 477.60 whereas the last trading price, a day before the bid opening day stood at Rs 517. When Sunrise Bank Limited (SRBL) auctioned its 1,66,248 units ordinary shares, the cut off price stood at Rs 426. The last trading price of shares of Sunrise Bank, a day before the bid opening was at Rs 452.

Less than 10% difference between the cutoff price and last traded price is seen in case of commercial banks.

Will the number of shares and maximum limit make a difference?

ADBL is auctioning 19.68 lakh units shares. In a sense, this can be seen as a mini-IPO or mini-FPO. Further, maximum cap of 10,000 units per application has been set for the auction. In the earlier week, the price of ADBL stock was also declining.

How much to bid?

The auction closes on Falgun 12 (February 23, 2017). It will be sensible to bid around 10-15% less than the last traded price of ADBL on Falgun 11. For example, if the closing price of ADBL on Falgun 11 will be Rs 450, it is recommended to bid around Rs 380 to Rs 400. Similarly, if the closing price of ADBL on Falgun 11 will be Rs 400, we can bid around Rs 340 to Rs 360.

Source: sharesansar