Shikhar Insurance FPO allotment tomorrow; FPO oversubscribed by 13 times, LTP Rs 1298

The Further Public Offering (FPO) of Shikhar Insurance Company Limited (SICL) will be allotted tomorrow, January 2, 2016.

All the details regarding the FPO allotment will be made public tomorrow at 8: 30 am at the premises of NIBL Capital Limited, Lazimpat, Kathmandu.

SICL had floated its FPO of 5, 10,988 kittas shares at Rs 650 per unit from Mangsir17 to Mangsir 21, 2072.

FPO collected Rs. 4 arba 38 crore (Oversubscribed by 13.18 times) from more than 17,000 applications.

At present Promoter and ordinary shareholders share structure in the insurance company stands at 80:20 ratios. After the FPO, promoter and ordinary shareholders share structure will be at 70:30 ratios.

SICL has announced a 25% stock dividend from the profit of last fiscal year. The FPO investors will also be entitled to the bonus share.

The Last traded price of SICL was Rs 1298/unit as of December 31, 2015.