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

The bid opening program of Kumari bank has successfully been conducted at Hotel Ambassador today.

As per the preliminary data received , the tentative cutoff for ordinary shares stood at Rs 175. Applicants bidding for Rs 175 will partially be allotted with the shares. A total of 2578 applicants had applied for the shares in which a bid for a price as high as Rs 500 was also received. The person bidding Rs 500 had applied for massive 4000 units

The company had auctioned 5,01,921.69 unit promoter shares and 639,452 units ordinary type shares to general public from 22nd Ashad to 29th Ashad, 2075 at a price Rs 100 or above. 

NIBL ACE Capital is managing the issue. 

The paid-up capital will reach 7.15 arba after capitalization of 20%  right shares. Thus, the bank can possibly issue bonus shares of 12% to meet the capital requirement set by the central bank. 

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