Shikhar Insurance to refund FPO non-allottees from today

Shikhar Insurance Company Limited (SICL) is refunding excess money collected from investors from today (Poush 23, 2072). It had floated 5, 10,988 unit shares as part of its FPO shares. Shikhar FPO had received a total of 17,161 applications, resulting in an oversubscription by 13.23 times. Among the total applicants only 17,152applicants were allotted shares. The company has urged non-allottee investors to visit their respective collection centers with receipt to collect their refund money through account payee cheque. Those investors who have given A/C number of NIBL Bank ltd in their application form will have their refund amount directly deposited to their respective NIBL A/C. These investors do not need to go to the collection center to collect their refund. The non-allotees have to bring their receipt slip with a copy of citizenship or authorization letter to collect their payment slip. NIBL Capital Market Limited is the issue manager. 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.