Central Bank Preparing for Fresh Bids to Sell its NEPSE Shares

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Central Bank Preparing for Fresh Bids to Sell its NEPSE Shares

October 21: Nepal Rastra Bank (NRB) is preparing to call for fresh bids after it failed to auction its remaining shares of Nepal Stock Exchange. Out of the 34.6 percent shares, the central bank was able to auction only 20 percent shares earlier in July.

According to Nepal Rastra Bank regulation, the central bank cannot invest in more than 10 percent shares in any organization. However, NRB owned 34.60 percent of the total capital of NEPSE, which is now down to 14.4 percent.

Meanwhile, Nepal government owns 58.66 percent of the total share. Likewise, Rastra Banjiya Bank owns 6.12 percent and the remaining shares belong to other companies.   

Murari Parajuli, spokesperson of NEPSE, had said that the central bank decided to sell the shares in accordance to the government’s plan of restructuring NEPSE under the Strategic Plan for Development of Financial Sector.  

NRB in a statement on July 16 had urged the eligible companies interested in purchasing its share of NEPSE to submit a sealed quotation to the finance management depart of NRB by August 18. But the central bank has not fixed the date for announcing new bids this time. However, NRB Spokesperson Laxmi Prapanna Niraula said that the invitation for bids will be announced within a month.

 

 

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