Preliminary cut-off price for auctioned share of Neco Insurance at Rs 540; Cut off for promoter share stood at Rs 155

Wed, May 16, 2018 7:36 AM on Auction, Dividend, Bonus & Rights, Latest, Stock Market,

The auction for the unsold 99,949.11 unit right shares of Neco Insurance Limited (NIL) has concluded. The insurance company had issued 95,885.24 unit ordinary shares and 4,063.87 unit promoter shares in the auction from Baisakh 19 to 26, 2075.

Only 1 application were received for promoter share and 516 for ordinary shares. The preliminary cut-off price for ordinary shares stood at Rs 540 while for promoter shares it stood at Rs 155. The maximum bid price was Rs. 617.

NMBCapital has been appointed as the issue manager for the right share auction.

The company had floated 50% right shares worth Rs 39.20 crore from Magh 26 till Chaitra 01.

After the adjustment of 50% right shares, the paid-up capital of the company will stand at Rs 1.17 arba.