Wednesday, August 14, 2013

Sana Kisan Bank allots shares

Sana Kisan Bikas Bank has allotted shares to the public today.
The micro-finance institution has allotted 3.2 per cent of the applied amount that is between 10 and 16 unit shares to some 15,516 small investors, who had applied for up to 500 units, whereas investors, who had applied for between 50 and 290 units were offered 10 units based on a lottery system.But the big investors, who had applied for more than 500 units have been allotted 2.4 per cent of the applied amount.
According to the recent regulation of capital market regulator, less than 10 units of shares needs to be allotted through lottery, whereas remaining all applicants will get shares.
Sana Kisan Bikas Bank had opened the initial public offering (IPO) of 600,000 unit shares on July 7-10 for the public. Excluding its employees, some 23,055 investors had applied for the 21,938,031 units of primary shares of the bank. The offering that was managed by Elite Capital was oversubscribed by more than 38 times, also due to lucrative returns.
As the rule, the class D micro-finance bank had already set aside 30,000 units for mutual funds and 18,000 units for its 71 employees. After the public offering, it will now have Rs 200 million paid up capital with 17,740 shareholders.

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