Reliance Finance to sell 6.53 lakh units unclaimed right shares; auction to commence on 1st chaitra

Reliance Finance has announced date to auction its unclaimed right shares. This includes 1,10,626.08 unit ordinary and 5,42,314.52 unit promoter shares. The auction will commence on 1st Chaitra, 2074. (15th March, 2018) and end on 8th Chaita,2074 (22nd March).

Reliance Finance had floated 23.06 lakh unit right shares at a ratio 10:4.5 from 22nd Mangshir. The right issue closed on 27th Poush, 2074, where approx. 6.53 lakh (28.32%) shares were unsubscribed. Those shares will now be auctioned among general public. However, only existing promoters are eligible to bid for promoter shares. 

Sunrise Capital is managing the auction

Interested bidders can get the forms from Sunrise Capital, Kamalpokhari or stated branches of Reliance finance and Sunrise bank outside the valley. Bidders can bid for a minimum of 100 units at a price of 100 or above, in case of ordinary shares.However, promoters need to bid minimum of 1000 units. Payment procedure as prescribed in the form must be followed. 

Reliance Finance being a national level finance company, needs to raise the capital to Rs 80 crores. The company's capital will rise to 74.32 crores after listing of right shares.