Cut off price for 2.85 lakh unit auctioned shares of Best Finance stood at Rs 100.01, both ordinary & promoter shares still remain unsold

Best Finance Limited (BFC) has concluded the auction. As per Shukra Raj Dangol, Head of Merchant Banking of Global IME Capital Limited, the issue manager for the auction, the cut off price for ordinary and promoter shares stood at Rs 100.01. Out of total 120 and 1 applicants, 116 and 1 bidders succeed to grab the ordinary and promoter shares respectively. The maximum bid was received at Rs 140 for ordinary shares. 4 applicants for ordinary shares category were invalid. Moreover, around 1,201 unit ordinary & 1,06,940 unit promoter shares were remain unsold. Thus, BFC may further publish notice regarding unsold shares The application for the auction was open from Poush 4 to Poush 12, 2074. It is selling 1,83,196 units ordinary share and 1,07,040 units promoter share after the right shares issued on Bhadra 27 to Kartik 14, 2074 were not fully subscribed by its shareholders. It had offered right shares in the ratio of 1:1.25 (125%). Around 17.58 % shares were unsubscribed. After the adjustment of the rights shares, the company’s total paid-up capital will reach Rs 29.75 crore from the existing Rs 13.22 crore. The bank has authorized capital of 30 crore. Best Finance has earned net profit of Rs 2.35 lakh in the first quarter of the FY 2074/75. Recently, Best Finance has signed MOU with Synergy Finance Limited (SYFL) for acquisition process. Its last traded price (LTP) stood at Rs 127 as of last trading day.