Cutoff of Progressive Finance's auctioned right shares stands at Rs 100; Paid-up capital to reach Rs 21 crore after adjustment

Progressive Finance Limited (PROFL) had opened an auction for its unsold 6.67 lakh units right shares.

Earlier in Magh, the finance company auctioned 13,30,255 units ordinary shares but not all the shares were subscribed then. The finance company is selling remaining 6,67,305 units ordinary shares via auction.

Sunrise Capital Limited has been appointed as the issue manager for the right share auction.

The bid applications were opened today. A total of 196 applications were received applying for a total of 6,98,743 units. The cutoff of the auction stood at Rs 100, while the maximum bid was received at Rs 112.

The final data will be received after the cheques are sent for clearing.

The finance company’s current capital of Rs 21 crore will increase to Rs 80.01 crore after the adjustment of 281% right shares.