IME General Insurance Starts Auctioning Unsold Right Shares

Mar 06, 2019 Merolagani

IME General Insurance (IGI) has started auctioning 102,365 units of unsold right shares from today, March 6.

The company issued 80 percent i.e. 4,320,000 million units of right shares from January 1- February 4 in a bid to raise its paid-up capital as per IB requirement. After allotting 4,217,636 units of shares to valid applicants, the company is auctioning the remaining 102,365 units of shares including 1,598 units of promoter and 100,766 units of ordinary shares.

The interested investors can bid for the shares from Global IME Capital along with Nepalgunj, Surkhet, Dhangadhi and Pokhara branch of Global IME Bank till March 14.

The bidders can bid for minimum of 100 and maximum of all shares at a minimum price of Rs 100.

The last traded price of the stock on March 5 was remained at Rs 396.

Currently, the company has a paid-up capital of Rs 540 million. After capitalization of the right issue, the paid-up capital will totals Rs 972 million.

In order to meet the minimum paid-up capital requirement of Rs 1 billion, the company still needs Rs 28 million.

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