Neco Insurance Allots Over 5 Million Right Shares, Unsold Units Headed for Auction

Kathmandu – Neco Insurance Limited has successfully allotted 5,030,901.55 units of right shares issued in a 4:1 ratio from Falgun 8 to Chaitra 14 (February 20 – March 27). The allotment took place on Chaitra 31 (April 13).

The company had its book closure on Magh 18 (January 31), allowing all shareholders listed until Magh 17 (January 30) to apply for the right shares. As a result, 4,805,640.20 units were allotted to eligible applicants at the par value of Rs. 100 per share.

However, 225,261.35 units remained unsubscribed during the issuance period. Neco Insurance has announced that these remaining shares will now be sold through an auction process, details of which will be made public soon.

Sanima Capital Limited served as the issue and sales manager for the right share offering. Meanwhile, the company has confirmed that refunds to applicants who were not allotted shares will begin from tomorrow (April 16).