Shree Investment & Finance auctioning unclaimed right shares from 22nd March; includes 0.66 lakh ordinary and 2.78 lakh promoter shares

Shree Investment and Finance has announced date to auction its unclaimed right shares. This includes 66,377.09 unit ordinary and 2,77,996.53 unit promoter shares. The auction will commence on 8th Chaitra, 2074. (22nd March, 2018) and end on 16th Chaitra,2074 (30th March). 

SIFC had floated 28.67 lakh unit right shares at a ratio 1:0.83 from 15th Magh. The right issue closed on 20th Falgun, 2074, where approx. 3.44 lakh (12%) shares were unsubscribed. Those shares will now be auctioned among general public. However, only existing promoters are eligible to bid for promoter shares.   

Siddhartha Capital is managing the auction

Interested bidders can get the forms from Siddhartha Capital, Naxal or stated branches of Siddhartha bank and Shree Investment and Finance. Bidders can bid for a minimum of 100 units at a price of 100 or above. Payment procedure as prescribed in the form must be followed. 

Shree Investment and Finance currently has a paid-up capital of Rs 34.54 crores which will hike to Rs 63.20 crores after the capitalization of right shares. Being a national level finance company it has to increase its capital to Rs 80 crores by the end of fy 2073/74. The company still need to increase its capital by 16.8 crores