Asian Life Insurance Auction : Preliminary cutoff stood at Rs 730

The bid opening program for Asian Life Insurance was successfully conducted in NIBL ACE Capital premises yesterday. 

As per the official of NIBL ACE Capital, the tentative cutoff for auction shares stood at Rs 730. Nearly 500 applicants had applied for the shares where an application with a bid price as high as Rs 802 was also received. This is however a tentative cutoff figure and may change slightly after varification. 

The shares of Asian Life Insurance was last traded for Rs 727 in the stock exchange. 

The company had auctioned 98,246 units unsold right shares of ordinary type from May 24th to May 31st . 

After the capitalization of 50% right shares, Asian life Insurance will have a paid up capital will reach Rs 1.20 arba. The Life Insurance company needs to raise its paid-up capital to Rs 2 arba, as per the Insurance board directive