Shikhar Insurance invites bids to auction 10,517 units of ordinary shares

ShareSansar, June 24:

Shikhar Insurance Company Limited has invited bids to auction 10,157 units of its unclaimed right shares from today.

Issuing a notice today, the non-life insurer has urged the interested bidders to submit their bids with the banking hour by June 30 at the office of NIBL Capital Markets Limited at Lazimpat, which is the issue manager.

As the minimum price set for the auction is Rs 100, the bidders have to quote more than that amount for the auction.  

The auction provides a good chance for the investors to clinch the ordinary shares of the insurance company as its last traded price stood at Rs 855 yesterday.

They must also bid for at least 100 units of the ordinary shares and 10,157 at the most.  The total bid amount must be deposited in advance.

Shikhar Insurance is auctioning the unclaimed ordinary shares following the closure of the issuance of 2:1 right shares, which it announced during its last Annual General Meeting for the fiscal year 2068/69.

The insurer has floated the right shares of the face value of Rs 100 on April 13.