City Hotel Limited has completed the allotment of its rights shares, but more than 21 lakh shares remain unsold. The company’s board of directors finalized the allotment on Kartik 11 after issuing 80% rights shares to its existing shareholders.
Who got the shares?
Only those shareholders who were listed as of Shrawan 26 could apply. The application window was open from Bhadra 23 to Ashoj 26. Each rights share was offered at Rs. 100 face value.
How many shares were issued?
City Hotel had floated a total of 1,33,92,000 rights shares. Out of this, 49,185 valid applicants received 1,12,41,582 shares in total.
According to Prabhu Capital Limited, the issue manager, refunds for applicants who applied for more shares than they were eligible for will be deposited in their bank accounts through the IPS system from Kartik 12.
Investors are now watching to see what City Hotel will do next with the remaining unsold shares.
