When will Companies like Century, Mega and Prabhu auction their hefty unsold right shares ?

At the time when companies are rushing to earn extra premium in the name of FPO or by selling the unclaimed right shares, Commercial Banks like Century, Mega and Prabhu haven't yet auctioned their hefty amount of unsold shares.

It's been a long time since these companies had floated their right share and allotted it to the shareholders. They even had a huge number of unsold shares left, which the general public are waiting to grab in the auction. Getting the shares of these companies at a price significantly below the market price, especially at this time when market price itself is comparatively low, could be a good opportunity for the investors. 

Mega Bank had floated 65% right shares in Bhadra, 2074 and allotted it in the month of Poush. The company had 18.40 lakh unsold shares left, it has been 5 months since allotment and the company has not shown any sign of auction. Similarly, Century bank has 18.29 lakh unsold shares which has not been auctioned since 7 months. Prabhu Bank, that has recently floated a right share, has 23.26 lakh unit shares to be auctioned.

Now, at the time when companies have already met their paid-up requirement and also have an adequate capital, will these company go for the auction? When asked this question to a registrar of one of these companies, he answer that the company now possess a right of not selling these shares, if they wish. These companies are no more bound to auction their unsold shares as they have met the capital requirement.

These companies altogether have around 60 lakh auctionable shares, which if auctioned, will provide investors a new investment opportunity. Securities issue and allotment guideline, 2074 hasn’t provided any deadline for the shares to be auctioned. Thus, the companies can basically auction shares as per their need.

When asked about this to the respective companies, officials of Prabhu bank answered that the right shares were recently floated and the unsold shares will be brought into auction within this fiscal year, but the dates are yet to be specified. However, Century and Mega bank assured that the shares will be auctioned soon, but the offer will be made as per the need and requirement of the company.