United Insurance allots 240% right shares; Unsubscribed units to be auctioned
Sun, Nov 10, 2019 2:31 PM on Auction, Dividend, Bonus & Rights, Latest, Stock Market,
United Insurance Company (Nepal) Limited (UIC) had issued 240% (1:2.4) right shares for its shareholders. A total of 72,57,600 units shares had been floated to its existing shareholders from Bhadra 03, 2076 to Ashoj 23, 2076.
NMB Capital Limited has been appointed as the issue manager for the right issue.
According to the notice published today, the company has allotted 67,57,416 units to 5,450 applicants. This indicates that the issue has been undersubscribed. The unsubscribed 5,00,184 will be auctioned soon.
The existing paid-up capital of the company is Rs 30.24 crore and after the 240% right shares issue, the paid-up capital will rises to Rs 102.81 crore.
Care Nepal has assigned grading of ‘CARE-NP IPO Grade 4 [IPO Grade Four]’ to the proposed Rights Share Issue of United Insurance Company (Nepal) Limited (UIC).
