32,90,000 Promoter Shares of Mahalaxmi Life Insurance Company in Auction From Today
The existing promoter of Mahalaxmi Life Insurance Company Limited (MLICL) is auctioning the company's promoter shares. 32,90,000 shares are being auctioned from today, i.e. 19th Ashad and will conclude on 24th Ashad, 2079.
The former promoters of this company had been invited to apply for 50% additional amount of the shares from Jestha 11 to Ashad 19 and again from Ashad 10 to Ashad 16 in order to raise its capital from existing Rs 140 crore to Rs. 210 crore. As no application has been received for 32,90,000 shares of the promoter group, therefore any person, organization, or company who wishes to purchase the shares as per the decision of the Board of directors of this company to auction and sell the shares as per section 53 (11) of the Companies act, are invited to submit a confidential binding application subject to the conditions specified in the rate to be received at the company’s head office.
The existing promoters, general public, and institutions are all eligible to bid for the auction.
Rs. 100 is the minimum bid rate for the auction. The minimum bid quantity for promoters’ shares is 10,000 units and maximum to 31,50,000 units. However, bidders are required to abide by Beema Samiti's rule to not exceed the specified quantity of shares per entity.
Bids will be opened at the premises of the company's head office, Kamalpokhari, Kathmandu on Ashad 26, starting at 4 pm that day.
