HIDCL Urges Bidders to Withdraw Bids from Postponed Auction
Hydroelectricity Investment and Development Company Limited (HIDCL) has issued a notice urging bidders to withdraw the bids submitted in the auction of its 3,30,00,000 shares.
The company had been auctioning its promoter right shares from Falgun 01. The auction was supposed to conclude on Falgun 15, 2078, but it had to postpone the auction on SEBON's instruction.
Earlier, the company concluded the 1:1 ratio right shares issue on Bhadra 08, 2078. 11,00,00,000 units right shares were issued from 5th Shrawan. 3,30,00,000 promoter right shares were unclaimed by eligible promoters. Thus, the same shares were being auctioned.
It was confusing as to whether the shares will trade as promoter shares or ordinary shares. The regulatory board SEBON communicated back and forth with the company and the central bank, the details of which can be found under the company's news section on Sharesansar's portal.
SEBON then issued a notice to the company that it could return and refund the bids received in the auction while the investigation continues. As such, keeping the bidders' best interest in mind, HIDCL had started refunding the bids from Chaitra 04, 2078.
In order to get a refund,
1) The bidder should visit the collection center where they submitted their bids with the registration slip handed to them earlier, along with their citizenship certificate or equivalent document for proof of identity. The bidder should fill out an application form as directed by the company.
2) The bidder should submit the statement of the original bank voucher/ IPS to get the refund if they transferred the fund via bank voucher or IPS. The amount will be refunded the very next day.
3) HIDCL will provide a cheque cancellation letter to those who submitted a good for payment cheque. In this case, the bidder should submit an application along with the cheque.
The details of bidders who have yet to withdraw their bids can be found on the website of the auction manager. Bidders who fail to withdraw their bids within 7 days will have their bids opened and amount refunded to their bank accounts.
