Tentative cutoff of auctioned unsold right share of IME General Insurance out; more than 500 applicants received for ordinary shares and 5 applicants for promoter shares

IME General Insurance Limited (IGI) was auctioning its unsold right shares till Falgun 30, 2075. The bids for 1,598 unit promoter shares and 100,766 unit ordinary shares was opened since Falgun 22, 2075. The bid opening date for the same was on Chaitra 05, 2075.

Global IME Capital Limited has been appointed as the issue manager for the auction of the shares.

Ordinary Shares

As per the issue manager, the tentative cutoff for ordinary right shares stands at Rs.361.50. The maximum bid received was of Rs.425. A total of 512 applicants had placed their bids for the auction. The auctioned shares have been fully subscribed. The LTP of the insurance company stands at Rs.407 per share as of 21^st March, 2019.

Promoter Shares

Tentative cutoff price for 1,598 units of promoter shares stood at Rs.201. The maximum bid received was of Rs.253. The auction for promoter shares received bids from 5 applicants. The auctioned shares have been fully subscribed. The LTP of the scrip stands at Rs.250 per share as of 16^th December, 2018.

However, the above mentioned data is not the final one. As per the officials at Global IME Capital, the final data will be available by Sunday.

After the adjustment of the right shares and shares sold through auction, paid up capital will increase to Rs.97.20 Crore.