Cutoff for auction of 90,571 promoter shares of Gurans Life Insurance stood at Rs.106; 22 applicants allotted

Gurans Life Insurance Company Limited (GLICL) had closed the auction of 90,571 unit promoter shares from Shrawan 10, 2076. The bid opening date for the same was today.

Laxmi Capital Market Limited managed the auction.

As per the issue manager, the auction received 26 applicants out of which 2 applicants were deemed invalid and only 22 applicants have been allotted shares. The cutoff price stood at Rs.106. Applicants who bid at the cutoff price will be partially allotted shares while those who bid above the cutoff price were fully allotted.

GLICL had issued right share from Chaitra 28, 2075 to Baisakh 2, 2076. However, there were no application for 2,40,571 unit right share. Therefore those share were open for auction from Asahdh 5 to Asahdh 12 2076. Of those remaining unsold 90,571 promoter shares, GLICL had republished the notice for auction.