LICN’s Rights Share Auction Concludes; Cut-off Price Set at Rs. 1,022 Per Share

Life Insurance Corporation (Nepal) Limited (LICN) had previously issued rights shares in the ratio of 1:0.8845168. The rights issue was open for subscription from Mangsir 12, 2081 to Poush 17, 2081. However, a total of 492,577 shares remained unsubscribed.

In accordance with the prevailing laws, including Clause 21 of the Securities Registration and Issuance Regulations, 2073, and Clause 15 of the Securities Issuance and Allotment Guidelines, 2074, the company proceeded with an auction for the unsold shares. A public notice regarding the auction was published in Naya Patrika and Annapurna Post national daily newspapers on Magh 14, 2081.

The bidding process was open from Magh 21 to Falgun 5 2081, allowing interested individuals, companies, and institutions to submit their sealed bids. Applications were accepted at the office of the issue manager, Nepal SBI Merchant Banking Limited, located at Lekhnath Marg, Thamel, Kathmandu, as well as at LICN’s central and branch offices in Biratnagar, Birgunj, Pokhara, Nepalgunj, Butwal, Surkhet, and Dhangadhi. A total of 1,799 bids were received within the stipulated timeframe.

The sealed bids were opened on Falgun 12, 2081 from 8:00 AM to 2:00 PM at Lisara Banquet, Naxal Bhagwati Bahal, Kathmandu. The highest bid recorded was Rs. 1,100 per share, while the lowest bid was Rs. 100 per share. Following the allotment of 492,577 shares based on the highest bids, the cut-off price was determined at Rs. 1,022 per share, subject to minor adjustments upon final verification of application forms.