Sungchob and Kidu Funds raise more than Nu 1bn through shares

Staff Reporter

The Royal Insurance Corporation of Bhutan’s (RICBL) shares held in the name of Sungchob Fund and Kidu Fund closed at a final price of Nu 73.05 per share, this week.

The Royal Security Exchange of Bhutan floated more than 15 million shares at a floor price of Nu 72.5 per share.

RICBL stated that more than 5,000 investors subscribed about 18 million shares, which is an oversubscription of three million. While the floor price was Nu 72.5, investors of more than 16.9 million shares have bid Nu 73.05. However, about 800,000 shares were quoted below the final price and those investors will not be eligible for the shares.

The shares trading collected more than Nu billion and the proceeds will be used to replenish the National Resilience Fund under the Druk Gyalpo’s Relief Kidu. In July, more than 50 million shares raised over Nu 2bn for the National Resilience Fund.