Auction of 72,003 units Neco Insurance extended till 17th Asad; LTP stood Rs 423; minimum bid price above Rs 100

ShareSansar June 29:

Interested Investors in acquiring the shares of Neco Insurance Limited (NIL) have four more day to file their bids for the auctioned promoter and ordinary right shares.

Earlier, the last day to bid for the auction shares was set for today i.e. 14th Asad.

Now, the deadline for submitting sealed bids for the auctioned shares is ending on coming Thursday (Ashad 17) and the bids will be opened to conclude the auction on Friday  (Ashad 18).

Neco Insurance had auctioned its 4,062 units Promoter right shares and 67,941 units ordinary right shares to general public from Ashad 8.

The insurance company was selling 4,062 units of promoter share and 67,941 units of ordinary right share after the rights shares issued on Falgun 14 were not subscribed fully by the investors.

Bidders must quote a minimum price of Rs 100 per unit, which means that the lowest bid amount must be more than Rs 100.

Civil Capital Market Limited is the issue manager for this auction which is located at Kamaladi, Kathmandu.

Neco Insurance Company has posted net profit of Rs.42.25 million in its third quarter of the fiscal year 2071/72.

The last traded price of NECO stood Rs 423 per in the NEPSE.