Preliminary cut-off price for auctioned right shares of Prabhu Bank at Rs 157.60; Cut off for promoter share stood at Rs 100

The auction for the unsold 22,31,265 unit right shares of  Prabhu Bank Limited (PRVU) including 15,60,203 unit promoter shares and 6,71,062 unit ordinary shares has concluded.

As per the official of Prabhu Capital, the preliminary cutoff for promoter share stands at Rs 100. A total of 48 applications were received for 15,60,203 shares. The shares have been fully subscribed.

The preliminary cutoff for ordinary shares stood at Rs 157.60. A total of 2,028 applications were received for 6,71,062 unit shares. The maximum bid received was Rs. 197.40. The shares have been oversubscribed.

Prabhu Capital had been appointed as the issue manager for the right share auction.

The bank’s paid up capital will reach Rs 8.24 arba after the adjustment of 40% right shares. It had earned Rs 86.72 crore in the third quarter of the ongoing FY 2074/75.