NIC Asia Bank Announces Auction for Promoter Shares of Multiple Companies

NIC Asia Bank Limited has announced the auction for the promoter shares of several companies. The auction will take place from 25th Poush to 4th Magh, 2081. The bank has called for sealed bids from eligible investors to purchase these shares under the prescribed terms and conditions.

Companies and Shares Being Auctioned:

1. Citizen Investment Trust (CIT)

Total Shares: 50,000
Minimum Price: Rs. 10,000 per share
Minimum Application: 10,000 shares
Maximum Application: No limit

2. Suryodaya Womi Laghubitta Bittiya Sanstha Limited (SWMF)

Total Shares: 59,060
Minimum Price: Rs. 253 per share
Minimum Application: 5,000 shares
Maximum Application: No limit

3. Surya Jyoti Life Insurance Company Limited (SJLIC)

Total Shares: 8,93,825
Minimum Price: Rs. 159 per share
Minimum Application: 5,000 shares
Maximum Application: No limit

How to Apply:

Eligible investors who wish to participate in the auction can submit their sealed bid applications at the following locations:

NIC Asia Capital Limited, Trade Tower Nepal, Thapathali-11, Kathmandu
NIC Asia Bank Limited, Corporate Office, Trade Tower, Thapathali, Kathmandu
Branch Offices: Biratnagar-3, Parsa, Pokhara, Butwal, Dhangadhi, Surkhet, etc.

Key Terms and Conditions:

Eligibility: Only qualified investors can join the auction. For CIT, only companies and individuals allowed to buy shares in their articles of incorporation can participate. SWMF and SJLIC are open to other qualified investors.
Payment: The application form can be obtained by paying Rs. 100 at the collection centers.
Bidding Details: Applicants must mention the number of shares and the price per share in both numbers and words. In case of any discrepancy, the written words will be considered valid.
Deadline: Applications must be submitted by 4th Magh, 2081, before office hours end.
Proxies: If applying through a proxy, the proxy form must be submitted at least 48 hours before the auction starts.
Auction Process: Shares will be sold at the highest bid price. If multiple applicants bid the same price, the remaining shares will be distributed proportionally based on the requested quantities.
Share Allocation: Any unallocated shares will be refunded directly to the applicant’s bank account. Applicants will be notified through NIC Asia Capital’s website.
Additional Costs: The applicant should pay all brokerage and other fees for the purchase.
Beneficiary Account: Applicants must mention their beneficiary account in the application. If they do not have one, they can open it at any NIC Asia Bank branch.

For further details, visit NIC Asia Capital’s website or contact the central office. This auction offers a great opportunity for qualified investors to participate in the promoter shares sale of reputed companies.