First Microfinance Auction : tentative cutoff stood at Rs 495

The bid opening program for First Microfinance auction has successfully been conducted this morning at Global IME Capital premises. 

As per the official of Global IME Capital, the pre-liminary cutoff for the auctioned shares stood at Rs 495. A total of 120 applicants had participated in the auction. The shares of first microfinance was last traded for Rs 550 in the stock exchange.

First microfinance had auctioned 26,884 unit shares at a price Rs 100 and above. The auction commenced from 6th june and ended 13th June. Global IME Capital had been managing the auction. 

First Microfinance is a wholesale microfinance and needs to expand its paid up capital to 60 crores by mid-july 2018. The capitalization of auction shares as well as the right shares will expand the company's capital to Rs 68.30 crores, thus meeting the capital requirement.