Cutoff price of auctioned right shares of Prime Life Insurance stands at Rs 621.51; Maximum bid price received is Rs 720

Prime Life Insurance Company Limited (PLIC) had auctioned its unsold 2,71,541 units ordinary right shares. A total of 1,106 applications were received for 900,720 units, out of which 197 applicants were allotted.

The cutoff price stands at Rs 621.51 and the maximum bid received stands at Rs 720. The company has collected a total of Rs 46.37 crore from the auction, out of which Rs 14.76 crore is received in premium.

Laxmi Capital Market Limited is the issue manager for the auction.

Its paid up capital will reach Rs 1.78 arba after 160% right share and 12.50% bonus share adjustment from existing Rs 61.02 crore. To meet the capital requirement of Rs 2 arba till the end of Ashad 2075, it should further hike its capital by Rs 22 crore.