Prabhu Bank Auction : tentative cutoff stood at Rs 158

The bid opening program of Prabhu Bank has successfully been concluded at Prabhu Capital today. 

As per the official of Prabhu Capital, the tentative cutoff for ordinary shares stood at Rs 158  whereas that of promoter shares stood at Rs 100. Around 2000 application were received for ordiary shares in which a highest bid for Rs 197 was also received. 

Similarly, 46 applicants had applied for promoter shares in which the cutoff stood at Rs 100. Employee Provident Fund (EPF) had bid for 1500,000 units at Rs 100. However, the company will be allotted partially i.e. around 800,000 units.  

Prabhu Bank had auctioned 15,60,203 units promoter shares and 6,71,062 units ordinary shares. The auction commenced from 11th Ashad and ended on 18th Ashad. The bank had floated 40% right share of 2,35,25.608 units, out of which around 2,11,99,321 units were claimed by the eligible shareholders. Around 23.26 lakh units (approx. 10% of the issued quantity) remained usubscribed and were the one auctioned.

The company currently has a paid-up capital of Rs  5.88 arba. The capital will meet the required capital requirement after the listing the right shares. 

Prabhu Bank was last traded for Rs 183 in the stock exchange.

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