Shine Resunga share auction: Ordinary cut-off: Rs 403; Promoter: Rs 100

ShareSansar, August 25:

Shine Resunga Development Bank Ltd opened the bids to conclude the auction of 2, 58,626 units of its promoter and ordinary shares yesterday.

According to Growmore Merchant Banker Ltd which is the issue manager, the cut-off price for the ordinary cut-off was Rs 403, and Rs 100 for the promoters.

There were 292 applicants for ordinary and 13 for promoters share auctions, and there was a tie at Rs 403.7 for the ordinary shares.

Since the cheques are still be tallied, the highest bid amount is yet to be verified.  

The development bank had invited the bids for auction of 1, 77,792 units of promoter shares and 80,834 units of ordinary shares after the rights shares issued on May were not subscribed by the investors.

Shine had asked for sealed quotations fixing a minimum price of Rs 100 for per unit shares from interested existing promoter shareholders who want to buy promote shares and any individual or institutional investors who want to buy ordinary shares from August 12 to August 21.

According to the fourth quarterly report of the bank published on July 28, it has posted 87 percent profit rise in the last fiscal year 2070/71. The bank has earned a net profit of Rs 16.19 crore in last year.

Fourth quarterly report of the bank published on July 28 stated that it has earned a net profit of Rs 16.19 crore in last year, which is 87 percent higher in comparison to the previous fiscal year.