Cut off price for 10.31 lakhs unit auctioned promoter shares of Nepal Insurance by Nepal bank stood Rs 456.25

Nepal Bank Limited (NBL) had invited sealed bids for 10, 31,674 units promoter shares of Nepal Insurance Company Limited (NICL) through an auction from Baisakh 15, 2073 till Jestha 4, 2073. The closed bid was opened yesterday at its issue manger Siddhartha Capital Limited at 3:15 PM in presence of the bidders and concerned officials. According to official of Siddhartha Capital Limited,   the bank set the cut-off price for the 10, 31,674 units promoter shares of Nepal Insurance at Rs 456.25.  The highest bid amount for the auction shares received was Rs 633 and lowest bid amount was Rs 400. Only 28 applicants were allotted shares out of the 78 applicants who submitted their bids for 10, 31,674 units of promoter shares of Nepal Insurance Company. The minimum bid amount was set at Rs 400, and that the interested applicants had to bid for at least 100 units of the share. Promoter shares of Insurance companies are not easily tradable on Nepal Stock Exchange Limited (NEPSE). Investors have to meet the required criteria to make the transaction in NEPSE. The last traded price (LTP) of NICL stood at Rs 860 as May 18, 2016.