RBB Merchant Bank to carry out allotment process of Nepal Reinsurance IPO under extreme caution tomorrow; minimum number of people to be present

The allotment of Nepal Reinsurance Company is set to happen on April 8, 2020 i.e. tomorrow at central office of RBB Merchant Bank from 7:30 AM onwards.

The scheduled allotment of the IPO was on March 27, 2020. However, due to the corona virus outbreak and the subsequent lockdown, the allotment process was postponed until further notice. Since the lockdown was extended till April 15, 2020 the issue manager decided to conduct allotment with extreme caution.

The officials at RBB Merchant Bank have said that the process will take place will the minimum number of people required under extreme caution. They added that all personnel present will have to compulsorily wear masks.

Nepal Re-Insurance Company Limited had issued 1,60,00,000 units worth Rs.1.6 Arba as Initial Public Offering for the general public from Chaitra 4-7, 2076. The issue had received massive 409,601 applications applying for a total of 5,57,23,480 units of shares till last day. Out of the offered 16,000,000 units; 73,500 units have been set-aside for the employees of the company and 5% of total offered share to general public i.e. 80,000 units have been set-aside for the mutual funds. The remaining 15,126,500 units are for the general public.