Jyoti Life Insurance's IPO has been allotted and distributed. Shares of the company, which has been in liquidation since March 7, were distributed on Friday.
As per the Securities Issuance and Distribution Directive, 594,000 people have received shares by distributing shares at a minimum rate of 10 lots.
A total of 1.842 million applications were made for the company's IPO. Of them, 1.797 million applications have been approved and 44,645 applications have been rejected. Of the eligible applications, 1.2 million have been left empty-handed.
The company had issued 6.6 million shares, equivalent to 30 percent of the issued capital of Rs 660 million, from March 7 to 8. Of that, 5 percent or 330,000 shares were secured for employees and another 5 percent or 330,000 shares for collective investment funds were secured and the remaining 59.40 million shares were allotted to the public.
The general public will be able to view the results by visiting Mero Share, CDSC's new website, the company's website, and the sales manager's website.
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