Auction of HIDCL Shares; When Will I Get the Shares/ Refund?

Hydroelectricity Investment and Development Company Limited (HIDCL) is concluding the final allotment today for bids received in the auction of the company's shares.

The auction manager had opened the bids received in the auction of the company's unclaimed right shares on Ashoj 22. Global IME Capital was appointed the auction manager for the auction.

The auction had opened on 7th Ashwin and concluded on 14th Ashwin at the end of banking hours. 3,30,00,000 units promoter right shares and 32,29,794 units ordinary right shares were auctioned. This was the quantity unclaimed by eligible shareholders in the rights issue. Individuals, institutions, and companies were all eligible to bid for the auction.

Rs. 100 was the minimum bid rate. The minimum bid quantity for the promoter right shares was 1 crore units and the minimum bid quantity for ordinary right shares was 100 units.

According to the auction manager, Rs. 225 is the cut-off rate for the ordinary shares. Meanwhile, no bids were received for promoters shares. After all necessary verification, the final allotment will conclude today at 2 pm. Non-allottees will be refunded by this week itself. It has been already 3 weeks passed since the auction got closed, still money has not been refunded by the auction manager so far.