Ridi Power Company Closing Auction of 11.35 Lakhs Right Shares From Today

Ridi Power Company Limited (RIDI) is closing the auction of the unclaimed portion of its right share from today i.e. 9th Baisakh, 2081. The auction opened on 29th Chaitra, 2080.

11,35,657 units of ordinary right shares will be auctioned. This is the unclaimed portion of the rights offering. The company had issued a 1: 0.50 ratio right share issue to its shareholders from 18th Falgun to 8th Chaitra, 2080.

Out of the total right shares issued only 66,08,849 (85.34%) units were allotted to eligible shareholders. 14.66% of shares were unclaimed by eligible investors. Thus, the same 11,35,657 units of unsold right shares are for the general public which will close today.

Individuals and institutions are all eligible to bid for the auction.

Muktinath Capital Limited has been appointed as the issue manager of this right share. Rs. 100 is the minimum bid rate for the auction. The minimum bid quantity is 100 units. Although bidders can bid for the entirety of the issue, they are required to abide by the regulatory board's rule to not exceed the specified quantity of shares per entity.

As of writing, RIDI has an LTP of Rs. 171.00.