Forward Microfinance Puts 362,000 Promoter Shares Up for Auction

Forward Microfinance Laghubitta Bittiya Sanstha Limited has initiated the auction process to sell a large block of its promoter group shares. The company is inviting sealed bids for 362,000 units of its shares, with the application period running from today, Kartik 17, 2082, through Kartik 23, 2082. NMB Capital Limited has been appointed as the issue manager for the sale.

The shares are being offered to existing promoter shareholders, as well as other interested individuals or institutional entities. Crucially, the sale stipulation mandates that the ownership of these shares must remain within the promoter group. The auction is being conducted in compliance with the prevailing laws, including the unified directives issued by Nepal Rastra Bank for 'D' class licensed institutions and the Securities Registration and Issue Regulation, 2073.

The company has set the minimum bid price for the share at Rs. 370/- (Three Hundred Seventy Rupees) per unit. Prospective bidders must submit an offer at or above this floor price. Furthermore, the minimum application quantity is set at 1,000 units (one thousand shares), and applicants can submit bids for any number of shares above this minimum lot.

Interested parties must submit their sealed bid applications to the issue manager, NMB Capital Limited, Baluwatar, Kathmandu, no later than 2:30 PM on Kartik 23, 2082. Following the deadline, the bids will be opened and the shares will be allocated to the bidders who quote the highest price, adhering to the terms and conditions outlined in the notice.