Failed first attempt: SBI drops Kingfisher logo's reserve price
Experts said that high reserve price could be the reason for no show of any potential bidder.
State Bank of India's (SBI) investment banking division SBICAP Trustee Company (SBICTCL) has dropped reserve price of Kingfisher logo by 10% in order to attract bidders. The earlier set price was Rs 366.70 crore and the auction was to be held in April. However, no bidders chose to act.
Experts said that high reserve price could be the reason for no show of any potential bidder. SBICTCL has now dropped price by 10%.
SBICAP Trustee Company Limited (SBICTCL) is a wholly-owned subsidiary of SBI Capital Markets Limited.
The new reserve price is Rs 330.03 crore. The online auction will now take place on August 25.
A total of nine trademarks was being put up for auction from previous auction which had total of 11, as two trademarks have expired.