AIC share auction: Rs 375.03 cut-off ordinary; no applicant for promoter shares

ShareSansar, September 18:

Rs 375.03 is the cut-off price for the ordinary shares in the just concluded share auction of Alliance Insurance Company Limited (AIC), according to company sources.

There were just 26 applicants who bid for the auction of the ordinary shares while there was no application for the promoter shares, sources further informed.

The highest bid amount for the ordinary shares is Rs 460, though the final data is still being compiled.

The allotment will formally take place on September 21 at NMB Capital Limited, Babar Mahal, which is managing the share auction.

AIC is selling its unclaimed 7,008 unit promoter right shares and 20,402 unit ordinary rights shares through auction.

The insurance company had fixed Rs 188 and Rs 375 as the minimum bidding price for per unit of promoter and ordinary share respectively.

The market price of ordinary shares of the Alliance Insurance hovers around Rs 400.  

The interested bidders had to apply for a minimum of 100 units to take part in the auction.