Best Finance Auction Concludes ; Preliminary cutoff Rs 110 for ordinary shares ; Promoter shares still unsold

The Auction bid opening program for Best Finance Company has concluded at Global IME Capital, Nachghar today.

As per the source, the preliminary cutoff for ordinary shares stood at Rs 110. Whereas the promoter shares were not fully sold. The company had auctioned 1,201 units ordinary and 1,06,940 unit promoter shares. Only 31,600 unit promoter shares were subscribed. The 70% unsubscribed promoter share will further be auctioned among general public. 

The then company general finance has issued 125% right shares from 27th Bhadra to 14th Karthik, 2074. The shares in the above stated quantity were unsubscribed and hence auctioned among the general public from 9th Chaitra to 18th Chaitra.   

Best finance Company had previously auctioned 2.85 lakh unit shares, out of which 1.77 lakh units were sold. The company will now sell the remaining shares. 

The company currently has a paid-up capital of Rs 13.22 crores, which will escalate to Rs 29.75 after the adjustment of Right shares.