Progressive Finance cutoff data finally out; allotment not yet concluded as per Sunrise Capital

Sunrise Capital, issue manager of Progressive Finance (PROFL) unsold right share auction, has provided the cutoff data.

Out of 448,349 units of unsold promoter shares, a total of 5 applicants have fully subscribed for the shares and the cutoff price has been established at Rs.100 per share.

Similarly, out of 1,671,955 units of unsold ordinary shares, a total of 62 applications have been received while the shares remain undersubscribed. The cutoff price for the same has been established at Rs.120 per share.

Sunrise Capital has also stated that the allotment process of the auction has not concluded even after four days of the bid opening date.

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