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. Ashwin 09. 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 had opened on 20th Bhadra and concluded on 4th Ashwin, 2079 at the end of banking hours. In total 2,32,04,485 unit promoter shares were auctioned. Individuals, institutions, and companies were all eligible to bid for the auction.

According to the auction manager, a total of 15 applicants placed bids for ordinary shares. Around 1,007,170 units were sold out of 2,32,04,485 units. The cut-off rate stood at Rs. 100 whereas the maximum bid rate is Rs. 131.

Earlier, the company had auctioned 27,809,480 unit promoter shares to the general public from 15th Shrawan to 29th Shrawan, 2079. Since only 46,04,995 unit shares were sold, the remaining unit shares were re-auctioned to the general public from Bhadra 20.

Rs. 100 was the minimum bid rate for 2,32,04,485 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.