Nepal Bank auctioning 10.31 lakh units promoter share of Nepal Insurance at Rs 400 & above from today

Nepal Bank Limited (NBL) is inviting sealed bids for 10, 31,674 units of promoter shares of Nepal Insurance Company Limited through an auction. As per the notice published by the bank today, the commercial bank had stated that the minimum bid amount is set at Rs 400 and the interested applicants must bid for a minimum of 100 units of the share and maximum they can apply for 4, 31,410 units share i.e 15% of the total paid up capital of the insurance company. Nepal Bank has 51%  shares of Nepal Insurance company i.e Rs 13 lakhs, 42 thousand and 280 unit shares. Of the total shares, Nepal Bank is selling 10 lakh 31 thousand 674 unit  promoter shares of Nepal Insurance and remaining 3 lakh 10 thousand 606 unit share will be set aside for the bank. The auction starts from today and will last till Jestha 4, 2073.The sealed bid will be open on Jestha 5, 2073 at 3:15 PM. Siddhartha Capital Limited is the issue manager for this auction. The bank has urged the interested bidders to submit their bids by 3:00 PM till Jestha 4 at the Siddhartha Capital Limited located at Hanumansthan, Anamnagar, Kathmandu. The investors applying for the auction can deposit the bid amount in the account number 00115207281 of the Siddhartha Capital Limited. Nepal Insurance Company has earned a net profit of Rs 2.43 crore in the second quarter of the current fiscal year.