NIC Asia Bank auctioning Promoter Shares of 4 Companies from Today
NIC Asia Bank Limited is auctioning the promoter shares of four companies. The auctioning has already opened from today, i.e. Poush 27. It will conclude on 5th Magh.
The bank is auctioning 2,02,560 units promoter share of Citizen Investment Trust (CIT) and 1,02,866 units promoter share of National Life Insurance Company Limited (NLICL).
Similarly, it is auctioning 1,89,664 units of promoter shares of Surya Life Insurance Company (SLICL) and 1,28,790 units of promoter shares of Asian Life Insurance Company (ALICL).
Only banks, financial institutions, and insurance companies are allowed to bid for the auction of Citizen Investment Trust's shares. Meanwhile, all eligible investors can bid for the auction of promoter shares of other companies.
While the minimum bid quantity is 100 units for all the auctions, there is no upper limit. Although bidders can bid for the entirety of the issue, they are required to abide by Nepal Rastra Bank's rule to not exceed the specified quantity of shares per entity. Meanwhile, any quantity in between should be divisible by 10.
The minimum bid rate for CIT's shares is Rs. 1,530 while that for NLICL's shares is Rs. 508. Similarly, the minimum bid rate for ALICL and SLICL's auction is Rs. 433 and Rs. 350 respectively.
NIC Asia Capital is the auction manager.
