Everest Insurance Company’s promoter right shares bid-opening concludes; cut off stands at Rs.253.39 while maximum bid was received at Rs.551 per share

The bid opening of auctioned promoter right shares of Everest Insurance Company Limited (EIC) has concluded.

The insurance company was auctioning 197,717 units of unsold promoter right shares. There was no such criterion set that only existing promoters or shareholders can bid for this auction. Siddhartha Capital Limited had been appointed as the issue manager for the auction of the shares.

As per the issue managers, a total of 44 applicants had applied for 221,818 units of shares. The cut off price stands at Rs.253.39. However, the maximum bid price stands at Rs.551 per share.

The LTP of Everest Insurance Company (ordinary shares) stands at Rs.785 as of today.

The insurance company was issuing 105% right shares to establish promoter shareholding in the company.

The current paid-up capital of the company stands at Rs 13.36 crore which will rise to Rs 27.39 crore after adjustment of 105% right shares. The company is also set to issue 300% right shares after which the paid-up capital of the insurance company will reach Rs 1.09 arba.