Auction of unsold ordinary shares of progressive Finance goes under-subscribed; Applications for above 6 lakhs units only received

Mon, Feb 11, 2019 5:27 PM on Auction, Latest, Stock Market,
Auction of...

Progressive Finance Limited (PROFL)  had opened an auction for its unsubscribed 13,30,255 unit ordinary right shares from Magh 22, 2075.

Sunrise Capital Limited has been appointed as the issue manager for the re-auction of the shares.

According to the officials at Sunrise Capital, the issue has gone undersubscribed. The final data hasn't come yet. However, applications have come for above 6 lakhs units only. The highest bid has come at Rs 105.

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