Upper Tamakoshi's Auction of Unclaimed Right Shares Witnesses Overwhelming Response with 30,000+ Bids; What is the Cut-Off Rate?
Upper Tamakoshi Hydropower Limited (UPPER) opened the bids received in the auction of its 1,70,19,530 units of ordinary right shares which commenced on Friday at 9:30 am. Despite receiving an overwhelming response with over thirty thousand bids, only 4000 bids had been initiated by 3:30 pm on the same day. The auction manager, Laxmi Sunrise Capital Limited, announced an extension to Saturday, but the process eventually continued until today (Sunday).
Upper Tamakoshi Hydropower Limited had issued a 1:1 ratio right share offering to its shareholders from the 18th Bhadra to the 22nd Ashwin, 2080. A total of 105,900,000 shares were issued to eligible shareholders at a par value of Rs. 100 per unit, with 8,88,80,470 shares allotted to eligible applicants. The remaining 1,70,19,530 units were auctioned to the general public as unclaimed right shares. The auction, which opened on the 13th Poush and closed on the 29th Poush, 2080, witnessed participation from individuals, institutions, and companies.
The auction manager provided a tentative cut-off price for the unsold right shares at Rs. 146. However, it is noted that the final cut-off price might vary once all the cheques are reconciled and cleared. According to the auction manager's report, the auction attracted bids from more than 30,000 applicants for the ordinary shares.
