Nepal Insurance Closes Auction of Unclaimed Rights Shares Today
Nepal Insurance Company is closing its auction of 1,97,042.76 unclaimed rights shares today, Ashwin 7, 2082, managed by NIMB Ace Capital.
Nepal Insurance Company Limited (NICL) will close the auction of unclaimed rights shares today, Ashwin 7, 2082. The auction opened on Bhadra 27, 2082, and offered 1,92,574 units of ordinary rights shares and 4,468.76 units of promoter rights shares left unsubscribed from the insurer’s earlier 10:3.4783 rights issue.
In the original issue, held between Shrawan 6 and Bhadra 2, 2082, the company allotted 63,79,925 shares to 19,805 valid applicants, representing 97.01% subscription. The remaining 1,97,042.76 units (2.99%) went unclaimed, triggering the auction.
All individuals, companies, and institutions are eligible to bid. The minimum bid price is set at Rs. 100 per share, with a minimum quantity of 100 units for ordinary rights shares and 1,000 units for promoter rights shares. While bidders may apply for the full available amount, they must comply with regulatory limits on maximum holdings.
NIMB Ace Capital Limited has been appointed as the issue manager for this auction. The proceeds will add to the insurer’s equity base, helping to strengthen its balance sheet and capital adequacy position.