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Tue, March 5, 2024

Muktinath Krishi Company under the management of NIMB Ace Capital issues 1.4m shares to the public

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KATHMANDU: Muktinath Krishi Company Ltd, under the management of NIMB Ace Capital, has issued 1,400,000 shares to the public.

From the total issued capital of Rs 700 million, 20% was allocated for ordinary shares, amounting to Rs 140 million. Out of this allocation, 10%, equivalent to 140,000 shares, was made available at the rate of Rs 100 per share from the date October 27, 2023, to November 10, 2023, for Nepali migrants working abroad with approved labour permits from the relevant agency of the Government of Nepal. Following the evaluation of applications received during this period, the share allotment process was concluded at 10:00 am on November 23, 2023. The Issuance and Sales Manager at NIMB Capital Limited, located in Lazimpat, Kathmandu, oversaw the allotment programme for the issued shares to the applicants.

Out of the 31,196 applications received for the purchase of 140,000 shares, two applications for 30 shares each were deemed ineligible and declared invalid. Among the remaining 31,194 applicants, direct applications for 723,040 shares were received, indicating a higher demand than the available issued shares. However, as the allocation of a minimum of 10 shares to each applicant proved insufficient, a lucky draw was conducted in accordance with the provisions of the Securities Issuance and Allotment Directive, 2074.

Consequently, 14,000 successful applicants were randomly selected, and a total of 140,000 shares were allocated at a minimum rate of 10 shares per applicant. 

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JANUARY 2024

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