NRN Infrastructure and Development IPO allotment to be concluded tomorrow at 9 AM; allotment process will be streamed live on the Sanima Capital Facebook page

The allotment of NRN Infrastructure and Development Limited is done tomorrow at the premises of Sanima Capital Limited at 9 AM. The allotment process will be streamed live on the Sanima Capital Facebook page.

NRN Infrastructure and Development Limited has closed its issue of 33,98,046 units ordinary shares worth Rs 33.98 crore to the general public on Shrawan 21.

Out of the offered 33,98,046 units; 2% of the total offered shares i.e. 67,961 units was  set aside for the employees of the company and 5% of the total offered shares i.e. 1,69,902 units have been set aside for the mutual funds. The remaining 31,60,183 units are for the general public.

As per the issue manager Sanima Capital Limited, the issue had received approx 4,28,153 applications applying for a total of 1,65,67,600 units of shares worth Rs 1.65 arba till last day.  This issue is oversubscribed by 5.24 times. Now its confirm that allotment will be done on the basis of lottery and only lucky 3,16,018 applicants will get 10 units each.

CRNL has assigned ‘CARE-NP IPO Grade 4’ grading to the proposed Initial Public Offering (IPO) of NRN Infrastructure and Development Limited (NRNIL). ‘CARE-NP IPO Grade 4’ indicates Below Average Fundamentals. The approved units is 30% of the total paid-up capital of the company.