Shangrila Development Bank auction concludes; Preliminary cut-off for ordinary and promoter shares stood at Rs 142 & Rs 105 respectively

Auction for unclaimed right shares of Shangrila Development Bank concludes.

The cut of price for the ordinary share stood at Rs 142 where out of 1225 applicants 320 applicants were lucky enough to grasp the auctioned shares whereas the cut-off price for promoter shares was Rs 105 for which Prabhu capital had received 71 application. The investors biding the maximum price for the ordinary share was Rs 200 whereas for promoter it was Rs 156. The company last traded in the secondary market at Rs 173. It might be due to lack of secondary market some investors are bidding their price exceeding the price traded on the secondary market. 

The auction was open from Chaitra 13 to Chaitra 20, 2074. The company had announced to auction 9,01,997.50 units of unclaimed right shares. This includes 5,09,225 unit ordinary and 3,92,772.50 units promoter shares. 

Shangri-la had issued 1,08,67,798.50 unit right shares at a ratio 10:8 from 17th Poush to 29th Magh, 2074. Approximately 8.30% of the right issue remained unclaimed and hence were auctioned.

The current paid-up capital of Shangrila Development Bank(SADBL) is Rs 1.35 arba. After the issue of the right share, its paid-up capital will reach Rs 2.44 arba.