Premier Insurance 1, 61,333 units auction share cut-off price stood Rs 277; LTP at Rs 505

ShareSansar, June 28:

Premier Insurance Company Limited (PIC) had auctioned its1, 61,333 units ordinary shares to the general public from Ashad 6, 2072 to Ashad 11, 2072. The bid was opened on Ashad 14 (Monday).

Head of merchant banking of Laxmi Capital Market,Ram Kumar Mahat, said that the bank set the cut-off price for the 1, 61,333 units ordinary shares at Rs 277 whereas the investors who bids Rs 275 allotted on pro-rata basis. The highest bid amount for the auction shares received was Rs 480. Only 114 applicants were allotted shares out of the 207 applicants and 4 were invalid applicant who submitted their bids for 1, 61,333 units of ordinary shares.

The Insurance company was selling 1, 61,333 units of ordinary unsold right shares to the general public.

The last trading price of the shares stood at Rs 505 per share on June 29.