Nepal Stock News: Premier Insurance (PIC) FPO Result, Check online if You're Lucky!

Premier Insurance Company Nepal Limited (PIC) has allocated its 6,59,565 units Further Public Offering (FPO) shares worth Rs 526.9 million (Rs. 52.69 crores) today Thursday morning at 9:00 AM in the premises of the insurance company's head office in Naxal, Kathmandu. According to NMB Capital Limited, the issue manager of the FPO, out of 1,86,475 valid applicants, only 65,951 applicants have been allotted with a minimum of 10 unit mandatory shares through the lottery system and 5 lucky applicants have been allotted with 11 unit shares.

Of the total 1,89,321 applications, there were 2,846 applicants that were canceled due to double applications, mistakes in Demat account numbers and applications made for more or less than mentioned kittas. Nearly 123,370 applicants were unable to receive the FPO. The FPO was issued for four days about a month ago from Sunday 31st December 2017 till Wednesday 3rd January 2018 (16 to 19 Paush 2074) at Rs 799 per unit including Rs 699 premium added to the par value of Rs 100.

The issue had collected Rs 30.2 billion (Rs 3.02 arbas) altogether. After the FPO, its promoter to public shareholding ratio has been restructured to 51:49 and paid-up capital has reached Rs 514.4 million (Rs 51.44 crores).

PIC has also proposed 13.52% bonus share that will also be awarded to the FPO allottee shareholders, after which its paid-up capital will reach Rs 584.1 million (Rs 58.41 crores). To meet the capital requirement of Rs 10 billions (Rs 1 arba) as per Insurance Board till Ashad 2075, it should further hike its capital by Rs 415.9 million (Rs 41.59 crores) that is around 71.20%.

It had earned Rs 21.2 million (Rs 2.12 crores) in the first quarter (Q1) of the Fiscal Year (FY) 2074/75. Its last traded price stood at Rs 1,315 as of yesterday Wednesday 31 January 2018 (17 Magh 2074).

Check the link below to download 'FPO ALLOTMENT NOTICE' here: