People’s Power Limited (PPL) has announced the auction of 3,91,779 units of ordinary shares that were left unsubscribed during its recent rights issue. The auction will be conducted through a sealed bidding process from 15th Bhadra to 22nd Bhadra, 2082.
Background of the Auction
The company had issued right shares in the ratio of 1:0.50 from 22nd Ashadh to 26th Shrawan, 2082. Out of the total rights offered, 27,71,221 shares were allotted to 91,938 applicants. However, 3,91,779 shares (12.38%) remained unclaimed by eligible shareholders.
To ensure that all issued shares are fully subscribed, People’s Power Ltd. is now auctioning these remaining units to the general public.
Auction Details
| Particulars | Details |
|---|---|
| Total Shares for Auction | 3,91,779 units (Ordinary shares) |
| Auction Period | 15th Bhadra – 22nd Bhadra, 2082 |
| Minimum Bid Price | Rs. 100 per share |
| Minimum Bid Quantity | 100 units |
| Eligible Participants | Both individuals and institutions can bid |
Application Requirements
Investors must submit the sealed bid form with complete details.
Payment should be made via a Good for Payment Cheque in the name of Prabhu Capital Limited.
Applicants must provide a valid Demat account and PAN number.
In case of oversubscription at the cut-off price, shares will be distributed on a pro-rata basis.
Refunds for unsuccessful bidders will be processed after allotment.
Issue Manager
The auction process will be managed by Prabhu Capital Limited, which will handle the collection of bids, verification, allotment, and refund procedures.
Why This Matters for Investors
This auction gives investors another chance to acquire shares of People’s Power Ltd. that were left unsubscribed in the rights issue. Since these are ordinary shares, they can be traded freely in the secondary market, making them an attractive investment opportunity.
Conclusion
People’s Power Ltd. is set to auction 3,91,779 ordinary shares that remained unsubscribed during its rights issue. The auction will run from 15th to 22nd Bhadra, 2082, and both individual and institutional investors are eligible to participate.
For detailed instructions and application forms, investors can contact Prabhu Capital Limited or visit its official website.
Notice: People’s Power Ltd. to Auction 3,91,779 Units of Unclaimed Right Shares
