Prabhu Bank auctioning massive 22.31 lakh unit shares since 11th Ashad ; LTP Rs 185

At the time market when is falling and the share price of companies are already near the floor, getting them at a price even below the market price can be a golden chance. Well, these golden chances are continuously being offered in the auction. At the time when market is in a bear trend and the stock price are hovering around the book value, getting the shares at significantly discounted price can be a lottery.

The same offer is being provided by Prabhu bank. The company is auctioning 15,60,203 units promoter shares and 6,71,062 units ordinary shares. The auction commenced from 11th Ashad and is scheduled to end on 18th Ashad, 2075. 

One can bid for minimum of 100 units for ordinary shares and 1000 units for promoter shares at a price Rs 100 or above. Ordinary shareholders can also apply for promoter shares. Applicants can submit their bid at Prabhu Capital, Kamaladi or Designated branches of Prabhu Bank in the major cities of the country. The payment procedure as prescribed in the forms can be followed. 

Prabhu 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 are now to be auctioned among general public soon.

The company currently had 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 185 in the stock exchange.