Ridi Power Company Limited (RIDI) has initiated the auction of the unclaimed portion of its right shares starting from the 29th of Chaitra, 2080, with the auction set to conclude on the 9th of Baisakh, 2081. The company aims to sell 11,35,657 units of ordinary right shares, representing the unclaimed segment from its recent rights offering.
During the rights offering period, which ran from the 18th of Falgun to the 8th of Chaitra, 2080, RIDI issued shares at a ratio of 1:0.50 to its existing shareholders. However, out of the total right shares issued, only 66,08,849 units (85.34%) were allotted to eligible shareholders, indicating that 14.66% of the shares remained unclaimed.
Therefore, the company has decided to make these unsold right shares available to the general public starting from today. Individuals and institutions alike have the opportunity to participate in the auction and bid for these shares.
Muktinath Capital Limited has been appointed as the issue manager for this right share auction. The minimum bid rate for the auction is set at Rs. 100, with a minimum bid quantity of 100 units. While bidders have the option to bid for the entire issue, they must adhere to the regulatory board’s guidelines to ensure that the specified quantity of shares per entity is not exceeded.