Nepal Insurance Company Auction : Cutoff stood at Rs 153

The bid opening program of Nepal Insurance Company has been successfully conducted in NIBL ACE Capital premises yesterday. 

As per the officials of the company, "The cutoff for ordinary shares stood at Rs 153. However only one application was received for promoter shares, who had bid for Rs 101. A total of 279 applications were received for ordinary shares.

The company had auctioned 2,177.30 units promoter shares and 1,58,946.80 units ordinary shares at a price Rs 100 or above from 3rd Jestha, 2018. The minimum bid unit were 1000 for promoters and 100 for ordinary type shares. 

NIBL ACE Capital is managing the auction. 

Nepal Insurance Company had floated 100% right shares from 5th Baisakh to 8th Jestha, 2075. The unsold right shares at that time were the one auctioned. The company's capital will shoot to Rs 61.76 crores after the capitalization of right and 4.52% bonus shares. 

Nepal Insurance Company was last traded for Rs 641 in the stock exchange.