NIC Asia Bank Reauctioning Promoter Shares of CIT, NLICL, and SLICL
NIC Asia Bank Limited will reauction the promoter shares of three companies from today, i.e. Magh 20. It will conclude on 26th Magh.
1,82,560 units promoter share of (Citizen Investment Trust), 92,266 units of promoter share of (National Life Insurance Company Limited), and 1,73,844 units promoter shares of (Surya Life Insurance Company Limited) are being auctioned.
NIC Asia bank had previously auctioned the shares of these companies. 2,02,560 units promoter share of (Citizen Investment Trust), 94,866 units of promoter share of (National Life Insurance Company Limited), and 1,85,694 units promoter shares of (Surya Life Insurance Company Limited) were auctioned.
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.
The minimum bid rates for the promoter shares of CIT, NLICL, SLICL are Rs. 1,623, Rs. 530, and Rs. 379 respectively. The minimum bid rates in the previous auction were Rs. 1,384, Rs. 482, and Rs. 365 respectively. 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.
