Auction for Reliance Finance promoter’s right shares concluded; approx. 3 lakh units still unsubscribed

Reliance Finance Limited (RLFL) has opened bids for 5.35 lakh unit promoter’s right shares from Chaitra 26, 2074.

Out of 5,42,314.52 units shares, only 7,000 units were sold in the previous auction. So, the company had published notice regarding the re-auction of 5,35,314.52 unit right shares.

A total of 45 applications were received of which 43 were allotted. The maximum bid price was Rs 108 and approximately 3 lakh unit shares still remain unsubscribed.

Bidders must quote a minimum price of Rs 100 per unit, which means that the lowest bid amount must be more than Rs 100.

Sunrise Capital is the issue manager for this auction.

RLFL’s current paid up capital remains at Rs 51.25 crore. After issuance of 45% right share, its paid up capital will reach Rs 74.32 crore. As per NRB’s directive for all national level finance companies to increase their paid up capital to a minimum of Rs 80 crore, RLFL should increase a further capital worth Rs 5.68 crore (around 7.65%). It had earned Rs 1.50 crore at the end of second quarter of ongoing fiscal year 2074/75.