Kumari Bank Auction : EPF bids for more than 5 lakh unit promoter shares but returns bare handed

Kumari Bank Auction has successfully been concluded today at Hotel Ambassador. 

In terms of promoter shares, both existing promoter as well as general public were allowed to bid. However, as per the terms exisiting promoters were to be given priority. As per the auction details received, 43 promoter applications were received in which EPF had also put the bid. However, the units demanded by the existing promoters being more than the auctined shares, only exisiting promoters are sure to be alloted with shares. 

The company had auctioned 5,01,921.69 unit promoter shares whereas the existing promoter themselves had applied for more than 10 lakh units. Thus, the EPF and other general public not belonging to the promoter group will not be allotted with the shares. 

EPF had bid at a price Rs 111. Similarly, the highest bid for promoter was Rs 116. whereas the lowest bid was Rs 103.

Also Read : Kumari Bank Auction : tentative cutoff for ordinary shares stood at Rs 175