Auction Closing! Everest Insurance closing its unsold 1.97 lakh unit’s promoter right shares; bids accepted till today

Mon, Feb 11, 2019 6:52 AM on Auction, Latest, Stock Market,
Auction Cl...

Everest Insurance Company Limited (EIC) is closing its 1,97,717 unit promoter right shares auction from today (Magh 28, 2075).

The application forms can be collected and submitted in the designated branches of Siddhartha Bank Limited and Siddhartha Capital Limited. Anyone can apply for this auction. There is no such criterion set that only existing promoters or shareholders can bid for this auction.

The insurance company has urged the interested applicants to place their bids for minimum 100 units. The minimum bid price has been set as Rs 100 i.e the bids should be placed above Rs 100.

The interested applicants need to deposit the entire bid amount in A/C no 0015353209 of Siddhartha Bank Limited in the name of Siddhartha Capital Limited.

Earlier, the insurance company had issued (105% right share) of 14,03,325 units for the shareholders holding shares of the company till Kartik 26, 2075. Out of total issued only 12,05,608 units got allotted to the shareholders.

ICRA Nepal had assigned Grade 4 rating to the right issue indicating below average fundamentals.

Siddhartha Capital Limited has been appointed as the issue manager for the auction of the shares.

The current paid-up capital of the company stands at Rs 13.36 crore which will rise to Rs 27.39 crore after adjustment of 105% right shares. The company is also set to issue 300% right shares after which the paid-up capital of the insurance company will reach Rs 1.09 arba.

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