Auctioned promoter shares of Nerude laghubitta goes undersubscribed; Application for 22,700 units received at Rs 196.5

Nerude Laghubitta Bittiya Sanstha (NLBBL) had auctioned 1.1 lakh units promoter shares. The issued shares had a minimum bid value of Rs 196 and any bid placed should be equal to or above Rs 196. Only the existing promoters of the bank can bid for the auction.

The promoter shares being auctioned belongs to Prime Commercial bank and since the minimum bid is at Rs 196, the bank will be earning Rs 1.02 crore from the auction.

Civil Capital Markets is the issue manager of the auction.

According to the issue manager, the issue received 4 application applying for 22,700 units in total. The remaining 87,300 unit shares will be re-auctioned. The cutoff of the auction stands at Rs 196.5.

The microfinance Company has a paid-up capital of Rs 34.57 crore with reserve of Rs 45.47 crore as of the third quarter of this fiscal year (FY 2075/76).