Bids Received in Auction of Asian Life Insurance Company Ordinary And Promoter Shares Opened; What is the Cut-Off Rate?

Asian Life Insurance Company Limited (ALICL) opened the bids for its unclaimed right shares auction on 10th Ashwin, 2082. Muktinath Capital was appointed as the auction manager. The bidding process took place at the Muktinath Capital premises in Lazimpat, Kathmandu, starting at 8:00 am.

The auction opened on 22nd Bhadra, 2082, and concluded on 5th Ashwin, 2082, at the end of banking hours. In total, 30,038.57 units of promoter right shares and 3,28,473.91 units of ordinary right shares were auctioned. Individuals and companies were all eligible to bid in the auction.

This is the unclaimed portion of the rights offering. From 22nd Ashadh to 20th Shrawan, 2082, the company issued a 1: 0.42 ratio right share issue to its shareholders.

The minimum bid rate for the auction was Rs. 100. The minimum bid rate for the auction is set at Rs. 100. For ordinary right shares, the minimum bid quantity is 100 units, and for promoter rights shares, it is 1,000 units. Although bidders were allowed to bid for the entire issue, they must adhere to the regulatory board's rule, which restricts exceeding the specified share quantity per entity.

The tentative cut-off rate is Rs. 422.50. Once all of the checks get reconciled and cleared, the cut-off price may vary.

The last traded price of the scrip stands at Rs 478.00 per share.