Friday, April 4, 2008

NT shares to be allotted after polls

Citizen's Investment Trust (CIT), the issue and sales manager of the Nepal Telecomm (NT) shares will allot NT shares' after the Constituent Assembly (CA) polls. Earlier, it had planned to allot the shares on April 6.
"We will allot NT shares after CA polls, most probable on April 17-18," said Anil Dhakal, officer, Corporate Finance and Capital Markets Promotion Division at the CIT."
From the data till today, we have received a maximum bid of Rs 2,500 to the lowest of Rs 600 for a share that was quoted at Rs 600 minimum — after adding Rs 500 premium to the face value of Rs 100 for each unit," he said, adding that among 28,000 sealed envelopes received by the CIT, it has opened around 17,000 envelops so far.
CIT estimates that it has received bidding for around 50 million units. "After the data entry of remaining 11,000 envelopes, we can confirm the real amount and the units," he added.The government had planned to raise at least Rs 9 billion by selling NT's share — 4.5 billion in the first phase and 4.5 billion in the second phase, later. It just falls short of around a billion — if the primary data is to be believed — in its target in the first phase. However, it is expected to collect around three-and-a-half billion rupees only.
Meanwhile, CIT has inked an agreement with Prime Commercial Bank for its Rs 300 million Initial Public Offering (IPO). Prime will be the first commercial bank among the newly opened commercial banks with two billion rupees paid up capital.

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