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Bids Received in Rights Auction of API Opened; What is the Cut-Off Rate?

The bids received in the auction of API right shares have now been opened. The auction opened on Shrawan 13 and closed on Shrawan 20, 2078, at the end of banking hours.

2,15,599 units shares were auctioned. This is the unclaimed portion of the rights issue that concluded on Ashar 13.

Muktinath Capital was appointed the auction manager. According to the auction manager, Rs. 481 is the preliminary cut-off rate. Thus, bidders who bid at or above the cut-off rate have been allotted the shares. Total 2,473 applicants applied for the auction.

Given that the right shares were initially supposed to be issued away at Rs. 100 per share, this auction has added an extra Rs. 8.2 crore (minimum) in the company’s books as a non-operating profit.

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