Preliminary cutoff of auctioned promoter shares of United Insurance at Rs 111.11; Maximum bid received at Rs 126.67

United Insurance Company (UIC) had auctioned 1,57,649 units promoter share in an auction to the general public from Poush 03, 2076 to Poush 10. The bids were opened today (Poush 14, 2076) at NMB Capital Limited, Nagpokhari, Kathmandu from 10 AM onwards.

NMB Capital Limited has been appointed as the issue manager for the issue.

According to the issue manager, the preliminary cutoff of the auction stood at Rs 111.11. A total of 15 applications were received applying for 3,39,010 unit shares. The highest bid was received at Rs 126.67.

The company had issued 240% (1:2.4) right shares for its shareholders from Bhadra 03, 2076 to Ashoj 23, 2076.

The existing paid-up capital of the company is Rs 30.24 crore and after the 240% right shares issue and auction, the paid-up capital will rises to Rs 102.81 crore.