IGI Prudential Insurance’s 94,797 Promoter Shares Put Up for Auction

Kathmandu — IGI Prudential Insurance Limited has announced the sale of 94,797 promoter shares through a sealed bid auction process. The company has set a minimum price of NPR 240 per share and invited interested individuals, companies, and institutions to participate by submitting confidential bids.According to the notice, the bidding process began on Chaitra 18 and will remain open until Chaitra 25. Applicants are required to submit their bids, clearly mentioning the price per share they are willing to pay, at Reliable Investment and Merchant Capital Limited, Baluwatar, Kathmandu.The company has stated that bids below the minimum price will not be considered. Applicants must apply for the entire lot of shares, ensuring that their requested quantity does not exceed the maximum limit set by regulatory authorities.To participate in the auction, bidders must submit a “Good for Payment Cheque” equivalent to 100 percent of the bid amount as a deposit. Unsuccessful applicants will have their funds refunded through the IPS system, as stated in the notice.In terms of allocation, priority will first be given to existing promoter shareholders. Any remaining shares will then be distributed to qualified bidders offering the highest price. Final approval of the allotment will be subject to the company’s board of directors and, if required, regulatory authorities.The submitted bids are scheduled to be opened on Chaitra 26 at 11:00 AM. The auction is expected to create a new investment opportunity for interested participants in Nepal’s insurance sector.