IME General Insurance right shares allotment: 97.63% shares get subscribed; remaining shares to be sold via auction soon
Sun, Feb 24, 2019 9:21 AM on Auction, Dividend, Bonus & Rights, Stock Market, Featured,
The 80% right share of IME General Insurance Limited (IGI) has been allotted to the applicants.
The non-life insurance company had issued 43,20,000 unit shares for its shareholders at par value of Rs 100. Out of the total units, 42,17,636 units shares got subscribed by 2,842 applicants. Still 102,364 units got unsubscribed.
The remaining right shares will be sold via auction soon.
Global IME Capital Limited was appointed as the issue manager for the right issuance.
ICRA Nepal had assigned Grade4 rating to the right shares of IME General Insurance indicating below average fundamentals.
The shares with par value of Rs 100 will increase the capital by Rs 43.20 crore. After the adjustment of the right shares and shares sold through auction, paid up capital will increase to Rs 97.20 crore.
