NB Insurance to auction 28,580 units ordinary shares at Rs 100 & above

NB Insurance Company Limited will be auctioning its unclaimed right share to the general public. The non life insurance company had floated 1:1 ( 27,00,000 unit) right shares to its shareholders from Ashad 5, 2074 till Shrawan 9, 2074. It had allotted the right shares on Bhadra 2, 2074 and only 26,71,420 units shares was claimed by the shareholders, remaining 28,580 units unclaimed ordinary right shares will be sold through auction. As per an official of Global IME Capital, “the bank will be selling 28,580 units ordinary shares as right shares were not fully subscribed by the investors.” The date for the auction shares has not been fixed yet added the official. After the adjustment of the rights shares, the non-life insurance company’s total paid-up capital reached Rs 54 crore from existing Rs 27 crore. The bank has authorized capital of Rs 1 arba. Its public-promoter share structure stands at 80:20 ratio. As per Insurance Board’s recent directive for all non-life insurance companies to increase their paid up capital to a minimum of Rs 1 arba by the end of FY 2074/75, NBIL will need to issue a further capital hike of Rs 46 crore (around 86%).