Kathmandu. National Life Insurance (NLIC) has become the largest promoter shareholder in Himalaya Bank after acquiring all its promoter shares in the name of Pakistan’s Habib Bank Limited.
KATHMANDU: National Life Insurance Company Limited (NSE) on Sunday bought 1,40,06,217 units of shares in a matching transaction through the online trading system of Nepal Stock Exchange (NEPSE).
National Life Stock Exchange (NEPSE) traded shares worth Rs 1.66 billion at the rate of Rs 118.88 per share. Earlier on Thursday, National Life had bought 1,40,06,230 units of shares.
With this, National Life Bank has purchased all the 2,80,12,447 units of shares that Habib Bank has to sell.
National Insurance Company (NIC) was the promoter shareholder of Himalayan Bank.
The minimum price of the promoter shares of Habib Bank was fixed at Rs 112.80 per share, while National Life had proposed to buy all the shares by offering a higher amount.
Earlier, Himalayan Reinsurance Company was preparing to buy the shares in the name of Habib Bank, but the incumbent promoter of the bank could not apply for the shares in the first round. As per the previous agreement between Habib Bank and Himalayan Reinsurance, the incumbent promoter would not invest a large amount at once and Himalayan Reinsurance was preparing to apply for the second phase of the proposal.
