Prabhu Life Insurance allotted its primary shares to the investors today.
Though the life insurance company has issued 6 million units of primary shares – that is equivalent to Rs 600 million – some 5 per cent that is 300,000 units have been allotted to the public, whereas some 300,000 units have been set aside for mutual funds, according to the company. “The remaining 54,00,000 units are floated for the public.”
The Life Insurance company had received a record applications from 10,49,047 applicants for a total of 2,78,21,160-unit of shares. “The issue was oversubscribed by more than 5.15 times,” the company confirmed. “A total of 5,40,000 applicants were allotted 10 units each via lottery, and the remaining 5,09,047 applicants returned with empty hands.”
Likewise some 3,00,000-unit was allotted to the company staff and some 3,00,00-unit was allotted to mutual funds.
Prabhu Life Insurance has issued its Initial Public Offering (IPO) from Mangsir 29 to Poush 2.
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