Auction of 21.20 lakh unit right shares of Progressive Finance starts from today; Bids to be accepted till Mangsir 24

Progressive Finance Limited (PROFL) will be selling its unsold right shares via auction from Mangsir 10, 2075 i.e. today. The bids will be accepted till Mangsir 24, 2075.

The finance company is selling 4,48,349 units promoter shares and 16,71,955 units ordinary shares via auction.

Sunrise Capital Limited has been appointed as the issue manager for the right share auction.

Minimum 100 units can be applied for ordinary shares and minimum 1,000 units can be applied for promoter shares. Minimum bid price has been set as Rs 100 i.e bid price should be placed above Rs 100.

The finance company has urged the interested bidders to deposit entire bid amount in A/C No. 0690371114401005 of Sunrise Bank Limited in the name of Sunrise Capital Limited.

The finance company’s current capital of Rs 21 crore will increase to Rs 80.01 crore after the adjustment of 281% right shares.