Thursday, August 15, 2013

RMDC allots shares

Rural Microfinance Development Center (RMDC) today allotted primary shares to the public.
The wholesale lender to the micro-finance institutions had offered 1.56 million units of primary shares for Rs 180 per unit — at face value of Rs 100 with added premium of Rs 80 – on July 11-15.
The public offering that was managed by Ace Capital received applications for a total of 17,429,240 units of shares from some 6,228 big investors – who has applied for 12,653,850 units – and some 22,954 small investors – who has applied for 4,775,390 units – making it a total of 29,182 investors as some 51 applications were invalid due to the ignorance of the applicants.
The class ‘D’ financial institution RMDC has allotted 12.15 per cent – some 580,895 units – of shares applied for by small investors and large investors were allotted 6.88 per cent – some 869,905 units – of the total shares allotted.
Likewise, investors who had applied for less than 70 units were allotted shares through a lottery system as they get less than 10 units of shares.
The RMDC – that had already set aside 31,200 units for its employees and 78,000 unit shares for mutual funds – primary offering was over subscribed by more than 12 times.
“The investors will soon get their remaining money back and the shares will be listed at the Nepse within a month,” informed the chief executive of the RMDC Shankar Man Shrestha.


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