When Will Non-Allottees of CIT's Auction Be Refunded?

The bids have been opened for the auctioned shares of Citizen Investment Trust (CIT). The company auctioned its 3,54,150.05 units of ordinary rights shares from 21st Falgun to 2nd Chaitra, 2077. Individuals, companies, and institutions were all eligible to bid for the auction.

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.

When Sharesansar called the auction manager, they stated that CIT will conclude a board meeting today, which will likely issue a notice tomorrow regarding the refund. If the refund begins from tomorrow itself, which the auction manager says is highly probable, all non-allottees may receive a refund by 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.