NLICL share auction: Rs 2,295 cut-off rate; highest bid amount: Rs 2,640

ShareSansar, July 6:

Rs 2,295 is the cut-off rate for the much-awaited auction of 68,707 units of unclaimed right shares of National Life Insurance Company Limited.

According to a highly placed official with Citizen Investment Trust, which managed the auction, there were 448 applicants, and there was a tie between two bidders at the cut off rate of Rs 2,295.

The highest bid amount is Rs 2,640, the officer added.

The bids were opened to complete the auction on Friday afternoon at CIT head office.
He further informed that the refund to the non-allottees would most probably start from the coming Sunday.

Inviting the bids on June 25, one of the leading life insurers has urged the interested bidders to submit their bids by 5:00 PM on Friday.

As the minimum price set for the auction is Rs 1750, the bidders had to quote more than that amount for the auction.  

The auction provided a good chance for the investors to clinch the ordinary shares of the insurance company as its last traded price stood at Rs 2,637.

They also had to bid for at least 100 units of the ordinary shares.  

The total bid amount must be deposited in advance.

National Insurance auctioned the unclaimed ordinary right shares which were issued almost seven years back.