Sun Nepal Life Insurance’s Auction of Unsold Right Shares Closing Today

Sun Nepal Life Insurance Company Limited (SNLI) has announced that the auction of its unsold right shares, which began on Ashadh 23, 2082, is closing today, Ashadh 30, 2082. The auction includes 80,222 units of promoter shares and 144,506 units of ordinary shares that remained unsubscribed during the earlier rights issue.

Previously, the company had issued 10,696,320 units of right shares in a 1:0.27 ratio from 30th Baisakh to 3rd Ashadh, 2082. However, a portion of those shares remained unsubscribed, prompting the company to proceed with an auction per Directive No. 21 of the Securities Registration and Issuance Regulation 2073.

The auction is being conducted through a sealed bidding process. Interested individuals, institutions, and companies were invited to submit their bids within the auction period. The minimum bid price per share has been set at Rs. 100.

As per the auction rules, applicants must bid for a minimum of 1,000 units in the promoter category and at least 100 units in the ordinary share category. The maximum bidding limit stands at 80,222 units for promoter shares and 144,506 units for ordinary shares, in compliance with the limits set by the Insurance Board.