Non-Allottees in Auction of Citizen Investment Trust (CIT) to Be Refunded from Today
Citizen Investment Trust (CIT) is refunding the non-allottees who submitted bids for the auction of the company's shares.
The bids have been opened for the auctioned shares of the company. The company auctioned its 3,54,150.05 units of ordinary rights shares from 21st Falgun to 2nd Chaitra, 2077. This auction received a total of 6,354 bids, of which 961 bidders have bid at or above the tentative cut-off rate. The highest bid price was Rs. 4,444 from a bidder who is an individual. Interestingly, the auction received bids at as low as Rs. 100 per share.
All non-allottees may receive a refund in 2 to 3 days. This is because the auction received a huge volume of bids, which is why the refund process will be concluded in multiple days. Note that SEBON has instructed companies to refund the non-allotted amount within 7 days of the commencement of the refund procedure.
Furthermore, those who were allotted will receive the shares directly in their Demat accounts after completion of necessary procedures.
