United Insurance Starts Auctioning Unsold Right Shares

Nov 26, 2019 09:59 AM Merolagani

United Insurance (UIC) has started auctioning 419,192 units of unsold right shares from November 26.

The company is auctioning 157,649 units of promoter and 341,543 units of general right shares that went unsold during its issuance. The auction will close on December 3.

The bidders can bid for the shares from NMB Capital, issue manager of the company and all designated branches of NMB Bank. The promoter shares are biddable by existing promoter shareholders only while the general shares are biddable by all the interested individuals, firms and institutions.

The minimum price for the bidding is Rs 100. The interested investors can bid for a minimum of 100 to maximum of all shares.

Presently, the company has a paid-up capital of Rs 302.4 million that will reach Rs 1.02 billion after the capitalization of the right shares.

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