Cutoff of auctioned ordinary shares of Green Development Bank stands at Rs 102; Maximum bid received at Rs 155; No applications received for promoters shares
Tue, Jun 5, 2018 10:46 AM on Auction, Dividend, Bonus & Rights, Latest, Stock Market,
The auction for 6.52 lakh unit shares of Green Development Bank Limited (GRDBL) has concluded.
3,37,500 unit right shares from the promoters group and 3,13,713 unit right shares from the ordinary shares group were available in the auction.
Laxmi Capital Limited is the issue manager for the auction.
According to officials at Laxmi Capital, a total of 457 applications were received with a maximum bid price of Rs 155. The cutoff for the ordinary share stood at Rs 102 and the shares were fully subscribed.
However no applications were received for the promoter shares.
The development bank had issued 400% right shares amounting to Rs 40 crore to the shareholders holding shares before the book closure on Poush 17, 2074. The development bank had allotted 33,47,703 unit right shares to its shareholders on Chaitra 22, 2074.
GRDBL’s current paid-up capital remains at Rs 10 crore. After the capitalization of right shares and auction shares, its paid-up capital will reach Rs 50 crore with promoter and general public shareholding at 55% and 45%. As a 1-3 district level development bank, it should hike its paid-up capital to Rs 50 crore.
Its LTP in secondary market stood Rs 148 per share.
