Cutoff of auctioned ordinary and promoter shares of Gurans Life Insurance stands at Rs 395 and Rs 107 respectively; Promoter shares under-subscribed

Gurans Life Insurance Company Limited (GLICL) had auctioned its unsold 3,22,576 units right shares. The company had auctioned 2,40,571 units promoter shares and 82,005 units ordinary shares from Ashadh 5-12, 2076.

Laxmi Capital Market Limited has been appointed as the issue manager for the auction.

According to the issue manager, the cutoff for ordinary shares stands at Rs 395, while the maximum bid was received at Rs 565. The issue had attracted 299 applications in total applying for 143,919 unit shares.

Similarly, for promoter shares a total of 5 applications were received. However, since the 3 applicants were non-promoters, their applications were disqualified. The remaining two promoters have applied for a total of 107,125 units at Rs 107 and Rs 125.

The 8% bonus share of FY 2073/74 has raised the paid-up capital of the company from Rs 59.40 Crore to Rs.64.15 Crore and further after the capitalization 50% right shares and existing auction, the paid up capital will be Rs 93.85 Crore.

The 9th AGM has also proposed further issue of 100% right shares worth Rs 93.85 Crore in agenda. After the issue of 100% right shares, the paid up capital of the company will stand at Rs 1.87 Arba.