Allotment Concludes for Shikhar Insurance (SICL)'s Rights Issue, Company to Auction Remaining Shares
Shikhar Insurance Company Limited (SICL) has allotted its 1: 0.3 ratio 52,75,572 units right share to its shareholders on 5th Baisakh, 2079. The issue opened on 1st Chaitra and closed on 21st Chaitra, 2078, at the end of banking hours.
Magh 21 was the book closure date. Thus, shareholders or investors maintained before that were eligible to claim their portion of the right shares.
The insurance company issued a total of 52,75,572 shares to its shareholders, which is 30 percent of the existing paid-up capital.
27,710 valid applicants have been allotted a total of 51,97,851.12 shares. Thus, 77,720.88 shares were unclaimed by eligible investors. This remaining quantity of shares will be auctioned. If the remaining shares are auctioned at an average price equal to the company's LTP, i.e. Rs. 1,131, the auction will bring an extra Rs. 8.79 crores as non-operating income for the company. However, note that this is only an approximation, and the company's LTP is an inaccurate estimation of the auction cut-off rate.
