Prabhu Bank Auction Update : EPF bids for 15 lakh units of promoter shares

The bid opening program of Prabhu Bank is being conducted in Prabhu Capital since 10 am today. 

As per the data received, the bid opening for promoter has been completed whereas the same of ordinary shares is being done. The cutoff for promoter shares is expected to be Rs 100. A total of 46 applicants had applied for promoter shares in which the highes application bidding a price of Rs 116 was also received. EPF had applied for 15 lakh unit shares at Rs 100. Thus, based on the number of applications, EPF is expected to be allotted with around 8 lakh units. 

Similarly, the bid opening of ordinary shares is being done. Above 2000 applications for ordinary shares have been received and bid opening for 1500 applications have been completed. Based on the bid opened, the cutoff for ordinary shares can be expected to be above Rs 150, as a lot of retail investors were seen applying for price above 150. 

If institutional investors are to be seen , Both Siddhartha Equity Fund (SEF) and Siddhartha Equity Oriented Scheme (SEOS) had applied for 1 lakh units @ Rs 146. Similarly, Sanima Equity Fund had applied for 50,000 units at Rs 146. Siddhartha Capital had also bid at Rs 146 for 15,000 units. Similarly, Civil Capital had bid for 40,000 units at Rs 122. Bhrikuti brokerage firm had bid for 10,000 units at Rs 151.