Cutoff of auctioned ordinary shares of Kumari Bank stands at Rs 175, to be allotted in pro-rata basis; cutoff for promoter shares stands at Rs 107, entire auction bagged by existing promoters

Kumari Bank Limited (KBL) had opened an auction for its unsold right shares including 5,01,921.69 unit right shares of promoter group and 6,39,452.81 unit right shares of ordinary shareholders group from Ashadh 22, 2075 to Ashadh 29, 2075.

NIBL Ace Capital Limited has been appointed as the issue manager for the auction.

According to the officials at NIBL Ace, the cutoff of the auctioned ordinary shares stands at 175. A total of 2,577 valid applications were received applying for 66,20,062 units. Similarly, the allotment will be done on a pro-rata basis which is determined at 79.9%. So for example if you have applied for 100 kittas you'll be allotted 80 kittas.

In case of the promoters' group, since the priority was give to the existing promoters all the auctioned shares were bagged by them. The cutoff for the same stood at Rs 107.

After the adjustment of 20% right shares, the paid up capital of the bank will reach Rs 7.15 arba. It will still have to raise its capital by around Rs 85 crore to meet the capital requirement of Rs 8 arba.

The last traded price (LTP) stands at Rs 199 as on Ashadh 32, 2075.