Ahmedabad: A total ten seats at Indian Institute of Management - Ahmedabad (IIM-A) were put on auction on Tuesday, i.e. on September 27, 2011. On the first day of auctioning, the highest bid went up to Rs. 3,150 in the first 13 hours.
Sources have informed that, as a part of IIM-A students' contribution to the 'Joy of Giving Week', students are organizing an auction of 50 seats. The highest bidders who win these seats will get a golden opportunity to attend the classes taught by members of the institute's faculty. Also, they will be given assignments in order to experience the life of a first year student of the B-school's flagship programme for a day on October 8, 2011.
The auctioning commenced at around 8 am, wherein the seats were released for auctioning one by one till afternoon. The starting price of each seat was Rs. 501 and was open for bidding for 24 hours. The seat that was released first, received a total of 6 bids in the first 14 hours with the price reaching as high as Rs 3,150. However, since each seat put on auction is open for bidding for 24 hours, the organizers were expecting the prices to rise up further.
Furthermore, sources have informed that the auction of the 50 seats will continue till September 30, 2011, with the institute releasing a few seats for bidding everyday. Besides, on the second day, a total of 15 seats will be auctioned. The funds collected through this bidding will be contributed to Prayaas, an IIM-A students' social scheme, which looks into the welfare and education of slum kids.
