Nepal Insurance auction allotment concluded; cutoff price for ordinary share stands at Rs 356

Fri, Jun 7, 2019 5:30 PM on Auction, Dividend, Bonus & Rights, Latest,
Nepal Insu...

Nepal Insurance Company Limited (NICL) had closed the auction of its unsold 2,511.73 units of promoter shares and 144,591.35 units of ordinary right shares on Jestha 19, 2076. This auction was opened since Jestha 5, 2076. The bid opening date for the auction was today i.e. 24th Jestha, 2076.

Global IME Capital Limited has been appointed as the issue manager for the auction. As per the issue manager, the cutoff for ordinary shares stood at Rs 356. The investors who bid at Rs 356 will get shares proportionally and investors who bid above Rs 356 will get full applied shares. 

Nepal Insurance Company Limited (NICL) had issued 1:0.65 (65%) right share to its shareholders on Chaitra 25, 2075. After the adjustment of the right shares, the paid-up capital of the insurance company will reach Rs.1.01 Arba.