Global IME Capital allots auctioned unsold right shares of IME General Insurance; non-allottes to get refund from 13th Chaitra, 2075

In an announcement published today, IME General Insurance has informed the public regarding the allotment of its unsold right shares (Promoter and Ordinary) and the conclusion of the auction proceedings.

IME General Insurance Limited (IGI) was auctioning its unsold right shares till Falgun 30, 2075. The bids for 1,598 unit promoter shares and 100,766 unit ordinary shares was opened since Falgun 22, 2075. The bid opening date for the same was on Chaitra 05, 2075.

Global IME Capital Limited had been appointed as the issue manager for the auction of the shares.

Ordinary Shares

As per the issue manager, the cutoff for ordinary right shares stands at Rs.361.13. The maximum bid received was of Rs.425. A total of 512 applicants had placed their bids for the auction. The auctioned shares have been fully subscribed. The LTP of the insurance company stands at Rs.409 per share as of 25^th March, 2019.

Promoter Shares

Cutoff price for 1,598 units of promoter shares stood at Rs.201. The maximum bid received was of Rs.253. The auction for promoter shares received bids from 5 applicants. The auctioned shares have been fully subscribed. The LTP of the scrip stands at Rs.250 per share as of 16^th December, 2018.

After the adjustment of the right shares and shares sold through auction, paid up capital will increase to Rs.97.20 Crore.

The issue manager will begin the process of refunding the non-allottees from 13^th Chaitra, 2075 (Wednesday) i.e. tomorrow. The refunded money will be directly transferred to the bank accounts of the bidders. The refunding process will be completed within three working days.