Shikhar Insurance FPO collection crosses Rs 70.64 crore from 3100 applicants till third day

Shikhar Insurance Company Limited (SICL) has floated its Further Public Offering (FPO) of 5, 10,988 kittas shares at Rs 650 per unit from Mangsir17. Today is the last day of FPO as per the notice published by the company.

BadriPyakhurel, Merchant Banking Head of NIBL Capital Market Limited said, “The total collection of the FPO was approximately Rs. 70 crore 64 lakh (Oversubscribed by 2.12 times)  till the third day (yesterday). Around 31 hundred application forms were received. It is only tentative data final data is yet to be compiled as more data are pouring in.”

There is a chance that the FPO may be oversubscribed by 10 times till the last day, added Pyakhurel.

NIBL Capital Markets Limited is the issue manager for the FPO.

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 ratio.

After issuing 20% bonus share from the net profit earned in the fiscal year 2069/70, the company’s paid up capital has reached to Rs 35.76 crore. The company is yet to announce its dividend from the net profit of fiscal year 2071/72.