River Falls Power Limited is finally opening the sealed bids for the shares it put up for auction. Many investors have been waiting for this moment after the company offered unsold rights shares through an open bidding process.
Prabhu Capital, the sales manager, said the bids will be opened today, Monday, at 1 PM at its Kamaladi office. The company had issued rights shares earlier but a large portion remained unsold. From Kartik 26 to Mangsir 3, River Falls Power placed 1,038,924 leftover rights shares for auction.
The base price was set at 100 rupees per share. Anyone wanting to participate had to offer a higher amount than the minimum. The highest bidders will get the shares first and if any shares remain, they will go to the next highest bidders.
Before this, the company had issued 70 lakh rights shares in a 1 to 1 ratio from Bhadra 23 to Asoj 26. Around 76,517 applicants received only 59,61,076 shares. The remaining 10,38,924 shares are the same ones now being auctioned. SEBON had approved the rights issue on Shrawan 9.
