Cutoff for the auctioned ordinary share of Nepal Insurance stands at Rs 153, with maximum bid at Rs 675 where today's LTP is Rs 641

Thu, Jun 28, 2018 10:38 AM on Auction, Stock Market, Latest,

Nepal Insurance Company Limited (NICL) had opened an auction for its 1,61,124.10 unit unsold right shares from Ashadh 03, 2075 till Ashadh 10, 2075.

The insurance company has been auctioning 2,177.30 unit promoter right shares and 1,58,946.80 unit ordinary right shares. Only the existing promoters of the company can apply for the right shares of promoters group.

NIBL Ace Capital has been appointed as the issue manager for the right shares auction.

According to the officials at NIBL Ace, a total of 279 applications were received for ordinary shares. The cutoff of the auction stood at Rs 153, where the highest bid was received at Rs 675.

Similarly, only one application was received for the promoter shares applying for 2,180 unit shares at Rs 101.

NICL had issued 100% right shares to its shareholders from Baisakh 05, 2075. After the adjustment of 100% right shares its paid up capital will reach Rs 60.39 crore. The company has also proposed 4.52% bonus shares which will take its paid up capital to Rs 61.76 crore.

The company has reported net profit of Rs 6.82 crore in Q3 of fiscal year 2074/75.

Its LTP stands at Rs 641 as on Ashadh 14, 2075.