Life Insurance Corporation Invites Auction Bids for 50,000 CIT Shares
Life Insurance Corporation (Nepal) Limited is auctioning its 50,000 units Promoter shares of Citizen Investment Trust to Financial Institutions and Insurance Companies from Shrawan 12 to Shrawan 19, 2077.
In an announcement issued today, Life Insurance Corporation has called for sealed bids for financial institutions and insurance companies to buy the 50,000 units promoter shares of Citizen Investment Trust that it currently owns.
The minimum cutoff price is set at Rs. 1,800.
The auction form is available at Nepal SBI Merchant Bank, Hattisar, and the central office of Life Insurance Corporation (Nepal) Limited, Putalisadak. It can also be obtained from the specified branches of Nepal SBI Bank in all the seven provinces of Nepal. It costs Rs. 100 to receive an auction form. Those who receive the auction form from Nepal SBI's branch should have the bank's stamp on the form for it to be valid.
A minimum of 10 shares and maximum of the total 50,000 shares can be applied for in the auction. Any quantity applied for in-between should be a multiple of 10.
The applicants are entitled to the bonus shares and cash dividend issued by Citizen Investment Trust after today's date if their bid is accepted.
The bid with the highest price offer will be selected. If more units are remaining, the second-highest offer will get the shares, and so on. Those who do not have their bids accepted will be refunded via IPS.
Other standard procedures of the auction process hold true (and required).
As of writing this article, ordinary shares of Citizen Investment Trust trade at Rs. 2585 per share.
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