Sun Nepal Life Completes Allotment of Auctioned Right Shares

Kathmandu — Sun Nepal Life Insurance Company Limited has successfully allotted the unclaimed right shares that were placed on auction from Ashar 23 to Ashar 30 (July 7 to 16). The allotment of these shares, conducted through a sealed bidding process, was finalized on Tuesday, Shrawan 6 (July 22).

A total of 224,728 shares were up for grabs in the auction. These included shares originally reserved for promoters that were not under lock-in, shares designated for the general public, and a small portion of shares belonging to the locked-in category of the general public. The company received sealed bids from interested investors during the auction period.

Following the close of bidding, the final cut-off prices for allotment were determined. The shares allocated to promoters were priced at Rs 151 per unit. For the locked-in category of general public shares, the cut-off price was set at Rs 401, while the non-locked shares for the general public were allotted at Rs 461 per share.

Nepal SBI Merchant Banking Limited, which managed the sale, informed that shares were distributed proportionally based on the relative weight of bids submitted at or above the cut-off prices. The company also announced that the refund process for bidders who were not allotted shares would begin from Shrawan 8 (July 24) and continue until Shrawan 13 (July 29). Refunds will be processed directly to applicants’ bank accounts via Connect IPS.