Cut off price for auctioned shares of Lumbini General Insurance stands at Rs.482; issue fully subscribed till closing

Lumbini General Insurance (LGIL) had closed auction for 99,726 units ordinary share auction from Falgun 21, 2076. The bid opening of the same took place on Chaitra 2, 2076 i.e. yesterday.

Lumbini General Insurance (LGIL) had issued 20% right shares to its shareholders. The company had floated a total of 17.60 Lakh units at a par value of Rs.100 per unit. The issue had gone under-subscribed and the remaining 99,726 units of ordinary shares were auctioned to the general public from Falgun 14, 2076.

CBIL Capital is the issue manager of the auction. The cut off for the auction stood at Rs.482 while the maximum bid stood at Rs.555. Applicants who have placed their bids above Rs.482 will be allotted shares. The auction received total of 416 applicants among which 50 were from outside the valley and remaining were from inside the valley. The auctioned shares have been fully subscribed.

After the adjustment of right shares and auctioned shares, the paid up capital of the company has increased from Rs.88 Crore to Rs.1.05 Arba. The LTP of LGIL as of 15th March stood Rs 430.