Siddhartha Insurance allots 35% right shares; Unsold 37,216 to be sold via auction

Siddhartha Insurance Limited (SIL) has allotted its 35% right shares to the valid applicants.

The insurance company had issued 22,44,973.50 unit shares out of which 22,07,757 units share have been allotted to 6,165 valid applicants.

Remaining unsold 37,216.50 units shares will be sold via auction in the near future.

ICRA Nepal had assigned “[ICRANP] IPO Grade 3+”, indicating average fundamentals to the proposed rights issue (equity shares) amounting to Rs 22.44 crore of Siddhartha Insurance Limited (SIL).

NMB Capital was the issue manager for the right issue.

After the adjustment of the right shares, the paid-up capital of the insurance company will reach Rs 86.59 crore.