Kathmandu. The auction period for 2.25 crore units of shares of Modi Energy is coming to an end.
The closing period for 2,26,30,460 units of shares of the company is set to expire on May 15. As per the notice issued by the company, 2,17,50,000 units of promoter shareholders, 804,390 units of project affected locals and 76,070 units of employees of the company have been put in the lockup.
As per the provision, the promoters, project affected and employees of any company have to keep their shares locked in for 3 years from the date of IPO allotment. However, even if the lockout period is over, the company’s board of directors and employees at the top management level will have their shares frozen as per the rules.
