Tentative cutoff of auctioned ordinary shares of Kumari Bank stand at Rs 175; Allotment to be done on pro-rata basis

Kumari Bank Limited (KBL) had opened an auction for its unsold right shares including 5,01,921.69 unit right shares of promoter group and 6,39,452.81 unit right shares of ordinary shareholders group from Ashadh 22, 2075 to Ashadh 29, 2075.

NIBL Ace Capital Limited has been appointed as the issue manager for the auction.

According to the officials at NIBL Ace, the tentative cutoff for the Ordinary shares stands at Rs 175, which will be allotted in pro-rata basis. Approximately 2600 applications were received for the auction. The final data will be available tomorrow.

Similarly, the opening of bids for Promoter shares has just concluded, so the cutoff for Promoter shares will be finalized tomorrow.

After the adjustment of 20% right shares, the paid up capital of the bank will reach Rs 7.15 arba. It will still have to raise its capital by around Rs 85 crore to meet the capital requirement of Rs 8 arba.

The last traded price (LTP) stands at Rs 195 as on Ashadh 31, 2075.