Asian Life Insurance Opens Auction for Over 350,000 Unsubscribed Rights Shares

Asian Life Insurance Company has opened the auction of more than 350,000 unsubscribed rights shares starting today (Bhadra 22). Earlier, the company had issued a total of 14,279,312.48 units of rights shares at a 1:0.42 ratio between Ashadh 25 and Shrawan 20 at a par value of Rs. 100 per share.

During that period, 27,622 shareholders applied, and 13,920,800 units were allotted. The remaining 358,512.48 units, which could not be distributed, are now being sold through the auction process. Out of these, 30,038.57 units belong to the promoter group and 328,473.91 units to the general public group.

Any individual, company, or institution is eligible to participate in the auction. Interested buyers must submit sealed bids with their proposed price per unit by Bhadra 29. A minimum of 1,000 units must be applied for under the promoter category and 100 units under the general public category, while there is no maximum limit on the number of shares that can be purchased.

Bid forms are available at the issue manager Muktinath Capital Limited, Naxal, Kathmandu, and also at various branches of Muktinath Bikas Bank — including Thimi, Kumaripati, Birtamode, Biratnagar, Birgunj, Janakpur, Hetauda, Narayangadh, Pokhara, Baglung, Ghorahi, Nepalgunj, Surkhet, Dhangadhi, and Mahendranagar. Applications can also be submitted at these same locations.