Bid Opening of Unsold Right Shares Auction of Prudential Insurance (PICL) and Shikhar Insurance (SICL) concludes; Cut-Off Price Rs. 417 and Rs. 1190 Respectively
Prudential Insurance Company Limited has completed opening the bids of its 54,631 units ordinary shares that it auctioned to the general public.
Prudential Insurance Company Limited (PICL) had previously issued 60% right shares to its shareholders. However, the company had invited public bids for the right shares that were unsold. The bid was open from Shrawan 12 till Shrawan 19, 2077.
Minimum Bid Price: NPR. 100.00
Maximum Bid Price: NPR. 533.00
Total Number of Bidders: 932 Applicants
Total Units Applied: 8,81,020 units
Based on the initial estimate, the tentative cut off price is expected to be above NPR. 417. However, the final cut-off price shall be determined after processing all the applications, verification with bank statements, and final reconciliation which shall be announced on the day of allotment.
The non-life insurance company Shikhar Insurance Company Limited (SICL) had also issued 31,71,932 unit shares for its shareholders at par value of Rs 100. Out of the total units; 30,84,519.2 units shares got subscribed by eligible applicants. Still, 87,412.8 units (2.75% of the total issue) were unsubscribed. Thus, the shares were auctioned to the public.
As per the issue manager NIBL Ace Capital, Rs. 1190 is the tentative cut-off rate. We will update you on any additional information on both the bid-opening as they arrive.
