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

Hydroelectricity Investment and Development Company Limited (HIDCL) has opened the bids received in the auction of its unclaimed right shares today, i.e. Ashoj 22. Global IME Capital was appointed the auction manager for the auction. Bids were opened today at the premises of the auction manager, starting at 8 am.

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 tentative cut-off rate for the general public. Similarly, no applications were received for the promoters.