Bids Received in Auction of SICL Right Shares Opened; What are the Cut-Off Rates?

The bids received in the auction of 77,720.88 unclaimed right shares of the Shikhar Insurance Company Limited (SICL) to the general public have been opened yesterday, i.e. 5th Jestha, 2079.

The auction had opened on 19th Baisakh and concluded on 26th Baisakh, 2079 at the end of banking hours. 77,720.88 ordinary shares were auctioned. NIBL Ace Capital Limited was appointed the auction manager. Bids had opened yesterday at the premises of the auction manager, Lazimpat, Kathmandu, starting at 10:00 am. Individuals, institutions, and companies were all eligible to bid for the auction.

NIBL Ace Capital Limited is selling its held shares via auction.

Rs. 100 was the minimum bid rate. While the minimum bid quantity was 100 units, there was no upper limit for the shares. Although bidders could bid for the entirety of the issue, they were required to abide by Nepal Rastra Bank's rule to not exceed the specified quantity of shares per entity. According to the auction manager, Rs. 936 is the preliminary cut-off rate. Whereas, The scrip got closed at Rs 1076 per share in the secondary market yesterday.