Bids Received in Auction of HIDCL Promoter Shares Opened; What is the Cut-Off Rate?

Hydroelectricity Investment and Development Company Limited (HIDCL) opened the bids received in the auction of its unclaimed right shares yesterday i.e. Falgun 16. Global IME Capital was appointed the auction manager for the auction. Bids were opened at the premises of the auction manager, starting at 9:30 am.

The auction opened on 22nd Magh and concluded on 8th Falgun, 2079 at the end of banking hours. In total 2,21,97,325 unit promoter shares were auctioned. Individuals, institutions, and companies were all eligible to bid in the auction.

Earlier, the company had auctioned 3,30,00,000 unit promoter shares to the general public from the 5th Ashad to the 19th Ashad. Out of 3,30,00,000 unit promoter shares only 1,08,02,675 unit shares were sold in total and the remaining 2,21,97,325 units were again auctioned from Magh 22. Note that the 1,08,02,675 unit promoter shares have already been listed in NEPSE.

According to the auction manager, approx 141 applicants placed bids for promoter shares. Around 43,57,185 units were sold out of 2,21,97,325 units. The cut-off rate stood at Rs. 100. Once all of the checks get reconciled and cleared, the cut-off price and units may vary.

Rs. 100 was the minimum bid rate for 2,21,97,325 promoter shares. The minimum bid quantity was 100 unit shares, while there was no limit for the maximum bid quantity.

The shares will trade as promoter shares under the HIDCLP.