Neco Insurance Allots Unallocated Right Shares via Auction

Kathmandu — Neco Insurance Limited has successfully allotted its unallocated right shares that were offered to the public through an auction. The shares were made available for bidding at a base price of Rs 100 per share.

According to the company, a total of 50,30,901.55 units were up for auction, and bids were managed by the issue manager, Sanima Capital Limited. The allotment process was completed on Baisakh 26 (May 9).

The company revealed that the final cut-off price for the auctioned shares was determined at Rs 697.86. Shares have been distributed proportionally based on the weight of individual bids.

Investors who were unsuccessful in securing shares will receive their refunds through Connect IPS starting today, as stated by the company.