NIC Asia Bank auctioning promoter shares of Citizen Investment Trust and National Life Insurance
NIC Asia Bank Limited is going to auction 2,02,560 units promoter shares of Citizen Investment Trust and 1,14,306 units of Promoter shares of National Life Insurance Company Limited. The auction will open from today, i.e. 5th Poush, and conclude on 10th Poush, 2077.
Only banks, financial institutions, and insurance companies are allowed to bid for the auction of Citizen Investment Trust's shares. Meanwhile, all eligible investors can bid for the auction of promoter shares of National Life Insurance Company Limited.
While the minimum bid quantity is 100 units for both the auctions, there is no upper limit. Although bidders can bid for the entirety of the issue, they are required to abide by Nepal Rastra Bank's rule to not exceed the specified quantity of shares per entity. Meanwhile, any quantity in between should be divisible by 10.
For the auction of CIT's promoter shares, the minimum bid rate is Rs. 2,740. For the auction of NLICL's promoter shares, the minimum bid rate is Rs. 520.
