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

Nepal Insurance Company Limited (NICL) opened the bids for its unclaimed right shares auction on 9th Ashwin, 2082. NIMB Ace Capital was appointed as the auction manager. The bidding process took place at the NIMB Ace Capital premises in Lazimpat, Kathmandu, starting at 11:00 am.

The auction opened on 27th Bhadra, 2082, and concluded on 7th Ashwin, 2082, at the end of banking hours. In total, 24,468.76 units of promoter right shares and 1,92,574 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 6th Shrawan to 2nd Bhadra, 2082, the company issued a 10:3.4783 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.

According to the auction manager, the tentative cut-off rate is Rs. 503,44. 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 545.10 per share.