Nepal Life Insurance FPO oversubscribed by 3.5 times; collected Rs 15.50 arba; issue closing today

Sun, Jan 15, 2017 10:28 AM on Latest, IPO/FPO News, Featured, Stock Market,
Nepal Life Insurance Co. Ltd. has been floating 3,096,429 units FPO shares worth Rs. 4.41 arba, and today (Magh 2, 2073) is the last day to apply for the same. The issue has been oversubscribed by 3.5 times till the third day (Poush 29, 2073). As per an official of Siddhartha Capital Limited, around 46,000 applicants had applied on the third day. “The issue collected approximately Rs 7.5 arba from around 46,000 application forms on Friday”. However, this data is approximate and the final collection may vary. The FPO has collected Rs 15.50 arba from around 1,02,000 applicants so far. The FPO applications will close today. Interested people must apply for a minimum of 10 units of share and they can apply for up to 30,960 units of share.Siddhartha Capital, the issue manager, has appointed 181 collection centers all over Nepal, and issued a press release saying there was no shortage of application forms in their collection centers. The life insurance company has a paid up capital of Rs 2.16 arba. After the issuance of the FPO, its paid up capital will reach to Rs 2.47 arba. Reserve will grow by Rs. 4.1 arba. Nepal Life Insurance Co. Ltd. had earned Rs 5.89 crore in the first quarter of the fiscal year 2073/74 as per its unaudited report. Also Read: How much to apply in NLIC FPO? High chances of 32% allotment to small investors; big investors may get just below 8% (Allotment analysis) Investors who bought NLIC at high prices after FPO announcement in distress; Whom to blame: the Company, Regulator, or Investors?