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

Hydroelectricity Investment and Development Company Limited (HIDCL) had opened the bids received in the auction of its unclaimed right shares today i.e. Bhadra 02. Global IME Capital was appointed the auction manager for the auction. Bids were opened at the premises of the auction manager, starting at 8:30 am.

The auction had opened on 15th Shrawan and concluded on 29th Shrawan, 2079 at the end of banking hours. In total 27,809,480 unit promoter shares were auctioned. Individuals, institutions, and companies were all eligible to bid for the auction.

Earlier, the company had auctioned 3,30,00,000 unit promoter shares to the general public from 5th Ashad to 19th Ashad, 2079. Since, only 51,90,520 unit shares were sold, the remaining 27,809,480 unit shares were re-auctioned to the general public from Shrawan 15.

Rs. 100 was the minimum bid rate for 27,809,480 promoter shares. The minimum bid quantity was 100 unit shares, while there was no limit for the maximum bid quantity.

According to the auction manager, around 4,606,785 units were sold out of 27,809,480 units. The cut-off rate stood at Rs. 100 whereas the maximum bid rate is Rs. 160. 

The shares will trade as promoter shares under the HIDCLP.