NLG Insurance right shares allotment: 95.80% shares get subscribed; remaining 1,61,078 units shares to be sold via auction soon

The 60% right share of NLG Insurance Company Limited (NLG) has been allotted to the applicants.

The non-life insurance company had issued 38,42,437.50 unit shares for its shareholders at par value of Rs 100. Out of the total units; 36,81,359.50 units shares got subscribed by eligible applicants. Still, 161,078 units got unsubscribed which is 4.12% of the total issue.

The remaining right shares will be sold via auction soon.

Laxmi Capital Market Limited was appointed as the issue manager.

The company's paid-up capital as of 2075/76 end stood at Rs.64.04 Crore. Post adjustment of 10:6 rights issue, it will reach Rs.1.02 Arba meeting the minimum capital mark as prescribed by the Insurance Board.