Prabhu Insurance’s bid opening concludes; Cutoff stands at Rs 451 for ordinary and Rs 170 for promoter shares

The bid opening for the auctioned shares of Prabhu Insurance Company has been concluded in Prabhu Capital. The cutoff for the ordinary shares stood at Rs 451 while the cutoff for the promoter shares stood at Rs 170.

PRIN had been selling 15,861.76 unit promoter shares and 1,21,154.87 unit ordinary shares via auction from Bhadra 17 till Bhadra 24.

Prabhu Capital was the issue manager for the auction.

For the ordinary shares 1,016 applications have been received which included maximum bid price of Rs 500.  While only 3 applications have been received for promoter shares which had minimum bid price of Rs 100.

The LTP of PRIN stands at Rs 488 which is 8% higher than the cutoff price.