Unveiling the Auction: Upper Tamakoshi Hydropower Limited's Ongoing Sale of Ordinary Right Shares
The auction for 1,70,19,530 units of ordinary right shares of Upper Tamakoshi Hydropower Limited (UPPER) is currently underway, having commenced at 9:30 am in the morning.
The company had issued a 1: 1 ratio right share issue to its shareholders from 18th Bhadra to 22nd Ashwin, 2080. A total of 105,900,000 shares were issued to eligible shareholders at a par value of Rs. 100 per unit. Eligible applicants were allotted 8,88,80,470 shares. Thus, the remaining 1,70,19,530 unit shares were auctioned to the general public. These are the unclaimed rights shares, the auction opened on 13th Poush and closed on 29th Poush, 2080.
Laxmi Sunrise Capital Limited was appointed as the issue manager of this right share.
1,70,19,530 units of ordinary right shares were auctioned. Individuals, institutions, and companies were all eligible to bid for the auction.
As per the issue manager's information, approximately 4,000 bids had been initiated by 3:30 pm. The sales manager mentioned that the bid openings would extend into Saturday. As reported by the auction manager, approximately 30,000 applicants submitted bids for ordinary shares.