NMB Capital Limited, the issue manager for the FPO of Premier Insurance Company Nepal Limited (PIC), has allotted 659,565 units FPO shares today. The allotment was held at the premises of the insurance company’s head office in Naxal, Kathmandu at 9:00 AM.

Out of 1,86,475 valid applicants, only 65,951 applicants have been allotted with exactly 10 units through lottery and 5 applicants were allotted with 11 unit shares.

There were 1,89,321 applicants but application of 2,846 applicants were cancelled due to double applicaetion, mistakes in Demat account number and application made for more or less than mentioned kitta.

The issue had collected Rs 3.02 arba altogether.

Premier Insurance Company Limited had issued 6,59,565 units shares worth Rs 52.69 crore as part of its Further Public Offering from Poush 16 to Poush 19, 2074. The FPO was issued at Rs 799 per unit (Rs 699 premium added to the par value of Rs 100).

After the FPO, its promoter- public shareholding has been restructured to 51:49 and paid-up capital has reached Rs 51.44 crore.

It has proposed 13.52% bonus share which will also be awarded to FPO allottee shareholders, after which its paid-up capital will reach Rs 58.41 crore. To meet the capital requirement of Rs 1 arba as per Insurance Board till Ashad 2075, it should further hike its capital by Rs 41.59 crore (around 71.20%).

It had earned Rs 2.12 crore in the first quarter of the FY 2074/75. Its last traded price stood at Rs 1,315 as of yesterday (January 31, 2018).

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