Promoter Share Auction increases the Share price ?


I have a basic doubt. I see that there is a promoter share auction going on at the moment for eg., MFILPO current price is **217.00** but the auction price is **250** . so post auction if the bid is for 260 then will the market price be 260 post auction or the price remains at 217. What are the benefits for people who opt for the bid price ?

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