Auction of unsold promoter share of Reliance Finance still goes under-subscribed; applications received for 1.1 lakh units only

Mon, Aug 6, 2018 10:41 AM on Auction, Dividend, Bonus & Rights, Latest, Stock Market,
Auction of...

Reliance Finance Limited (RLFL) had opened an auction for its unsold 3,01,274.52 unit promoter shares from Shrawan 08, 2075 for the third time. 

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

According to the officials at Sunrise Capital only 9 applications were received for 1,12,400 units. The maximum bid was received at Rs 101. All the applicants are fully allotted.

It has recently declared 12% bonus shares for its shareholders. Its paid-up capital will reach Rs 83.24 crore from existing Rs 51.25 crore after the adjustment of 45% right shares and 12% bonus shares. Hence, it will meet the capital requirement of Rs 80 crore.