Tentative cutoff of ordinary shares of United Insurance Company stood at Rs.180.80; no bids for auctioned promoter shares

Tue, Dec 10, 2019 10:07 AM on Auction, Latest,

United Insurance Company (Nepal) Limited (UIC) had closed the auction of 499,192.6 unit shares from Mangsir 17, 2076. Out of which 157,649.60 units promoter share and 341,543 units ordinary share are on auction since Mangsir 10, 2076. The bid opening of the same was on Mangsir 23, 2076 i.e. today

The company had issued 240% (1:2.4) right shares for its shareholders from Bhadra 03, 2076 to Ashoj 23, 2076.

NMB Capital Limited has been appointed as the issue manager for the issue. As per the issue manager, the tentative cutoff for ordinary shares stood at Rs.180.80. A total of 534 applicants applied for the auctioned ordinary shares. However, no bids were received for the auctioned promoter shares.

The issue manager added that the final cutoff price may vary from the tentative one since the data has not yet been verified.

The existing paid-up capital of the company is Rs 30.24 crore and after the 240% right shares issue and auction, the paid-up capital will rises to Rs 102.81 crore.