Bhargav Bikas Bank Auction : Tentative cutoff for ordinary shares stood at Rs 128

The bid opening program for Bhargav Bikas Bank was successfully conducted yesterday in NMB Capital premises. 

As per the official of NMB Capital, the cutoff for ordinary shares stood at Rs 128. A total of 241 applicants had participated for the auction, demanding over 2 lakh units. The maximum bid price was Rs 155, whereas an application bidding Rs 85 was also received. However, no applications were received for promoter shares. 

Bhargav bikas bank had auctioned hefty 6,67,706 unit promoter shares and 85,664 unit ordinary shares. NMB Capital was managing the auction.

The unsold promoter shares will again be brought for auction.

Bhargav Bikas Bank had floated 80% right for the shareholders. The paid-up capital of the company will reach Rs 47.52 crores after the capitalization of right. The bank being a 1-3 region development bank, needs to have a paid-up capital of Rs 50 crores. Thus, bank needs 5% more to meet the paid-up requirement.