Cutoff of Neco Insurance stands at Rs 242; Agriculture Development Bank bags the highest units
Mon, Jun 25, 2018 11:31 AM on Auction, Latest, Stock Market,
The auction of 2 lakh unit promoter shares of Neco Insurance Limited (NIL) has concluded and fully subscribed.
Siddhartha Capital is the issue manager of the issue.
According to the officials at Siddhartha Capital the cutoff of the auction stood at Rs 242. Agriculture Development Bank (ADBL) had bidded for the entire 2 lakh units at Rs 242. However, there were four other applicants applying for 5000 units each. The maximum bid received was Rs 249.70. Similarly, one other applicant had applied at Rs 245. So these two bidders were fully allocated.
The other two bidders had applied at Rs 242 each, so they were alloted along with ADBL on lottery basis.
Neco Insurance stated net profit of Rs 21.03 crore in Q3 of the FY 2074/75 and paid-up capital stands at Rs 78.41 crore.
Its LTP stands at Rs 550 as on Ashad 11, 2075.
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