Final Day to Bid for Unsold Rights Shares of Asian Life Insurance
Investors must submit bids by today, Ashwin 5, for Asian Life Insurance’s unsold rights shares under auction.
Asian Life Insurance Company Ltd. (ALICL) closes bidding today, Ashwin 5, 2082, for its auction of unsold rights shares. The auction, launched on Bhadra 22, offered promoter and public category shares left unsubscribed during the earlier rights issue.
The insurer had issued rights shares in a 1:0.42 ratio from Ashad 25 to Shrawan 20. Shares not applied for were subsequently put up for competitive bidding. A total of 30,038.57 promoter shares and 328,473.91 public shares are on auction, with a minimum price set at Rs. 100 per unit.
Applicants must bid for at least 1,000 units in the promoter category and 100 units in the public category. There is no upper limit on applications.
Muktinath Capital Ltd. is managing the sale. Bids can be submitted at Muktinath Capital’s office and through branches of Muktinath Bikas Bank across major cities including Bhaktapur, Lalitpur, Biratnagar, Birgunj, Janakpur, Pokhara, Butwal, Nepalgunj, Dhangadhi, and Mahendranagar.
The outcome of the auction will determine how much of the company’s unsubscribed rights will be absorbed into the market, a key factor for its capital structure going forward.