Prudential Insurance to auction 12,503 units ordinary shares; Auction to commence on 12th March

Prudential Insurance has announced to auction 12,503 units unsold right shares to general public. The auction will commence from 12th March (28th Falgun) and end on 19th March (5th Chaitra). 

Interested applicants can bid 100 or more unit of shares at a price Rs 100 or above. Applicants bidding the highest price will be allotted with shares. Interested applicants can get the forms from NIC ASIA Capital, Babarmahal or from stated branches of Prudential Insurance outside the valley. The payment should be made as per the procedure stated in the form.     

Prudential Insurance had floated 30% right from 16th Poush to 21st Magh, 2074. The company floated a total of 12,83,040 unit right shares at a face value of Rs 100 and only 12,503 units were unsubscribed. NIC ASIA Capital is managing the issue.  

PICL had already issued 20% bonus share from the profit it earned in the FY 2073/74. After bonus and upcoming right issue, its paid up capital will reach Rs 64.20 crore.The company will still need to raise its capital by Rs 35.80 crores (55.76%)  in order to meet the capital requirement. As per Insurance Board non-Life Insurance company will need to have a paid-up capital of 1 arba by mid july 2018. 

PICL was last traded for Rs 685 in the stock exchange.