Tentative cutoff for auctioned shares of Everest Insurance Company released; both ordinary and promoter shares fully subscribed

Everest Insurance Company Limited (EIC) had closed the auction issue of 529,780 unit shares from Bhadra 8, 2076. This auction issue was open since Shrawan 29, 2076. The bid opening for the same took place today i.e. Bhadra 15, 2076

As per the notice published by non-life insurance company, the company was auctioning 146,575 unit promoter shares and 383,205 unit ordinary shares. Siddhartha Capital Limited is appointed as the issue manager for the auction.

As per the issue manager, the tentative cutoff for ordinary shares stood at Rs.251. A total of 778 applicants have fully subscribed the auctioned shares. The maximum bid received was Rs.346 per share. Similarly, the tentative cutoff for promoter shares stood at Rs.121. A total of 23 applicants have fully subscribed the auctioned shares. The maximum bid received was Rs.172 per share.

EIC has issued 300% right shares to its shareholders and after the adjustment of 300% right shares including the auction shares, the paid up capital will reach to Rs.1.09 Arba.