An auction of promoter shares of NLICL and CIT has been opened by NIC Asia Bank Limited. 50,000 units shares of Citizen Investment Trust (CIT) and 55,866 units shares of National Life Insurance Company Limited (NLICL) will go under auction this week. The auction opened on the 23rd Chaitra, lasting up to 31st Chaitra, 2077.
There was an auction held by the bank in the past on 61,366 promoter shares of NLICL and 50,000 promoter shares of CIT. CIT shares in the promoter category can be bid on only by banks, financial institutions, and insurance companies.
NICL fixed their minimum bid rate of Rs. 466 for their shares while in the other hand CIT seems quite costly starting their minimum bid rate from Rs. 1,529.
In contrast, all investors with an eligible financial record can bid for the corporate shares of NLICL. Although, the total bid quantity for the issue is restricted to 100 units, bidders are allowed to bid for the entire issue.