Best Finance's auction of both promoter and ordinary shares go under-subscribed; Cutoff at Rs 101 and Rs 100 respectively

Best Finance Company Limited (BFC) had auctioned its 8.05 lakh unit unsold right shares, of which 5,57,774.57 units were promoter shares and 2,47,309.90 were ordinary shares.

Prabhu Capital has been appointed as the issue manager for the auction.

According to the officials, both promoter and ordinary shares haven't been fully subscribed. In promoter side, only one application has been received at Rs 101. Similarly, for ordinary shares 18 applications have been received. The minimum bid has come at Rs 100 and maximum at Rs 110.

The shares being auctioned are the unsold right shares of former Synergy Finance Limited. The finance company had issued 11,86,022.47 unit right shares out of which 8.05 lakh units remained unsold.

After the adjustment of 25% right shares, paid-up capital of Best Finance Company will reach Rs 89 crore.