Kathmandu. The Securities Board of Nepal has allowed Asian Life Insurance Company to issue right shares.
The Securities Board of Nepal (Sebi) today allowed Asian Life to issue 42 per cent right shares in the ratio of 1:0.42 per cent of its existing paid-up capital.
Asian Life will now issue right shares worth Rs 1.42 billion to its shareholders. Accordingly, the company will sell a total of 14,279,312.48 units of right shares at a face value of Rs 100 each.
At present, the paid-up capital of the company stands at Rs 3.39 billion. After the sale of the right shares, the paid-up capital of the company will reach Rs 4.82 billion.
Nepal Insurance Authority (NEA) has fixed the minimum paid-up capital of life insurance company at Rs 5 billion. Now Asian Life will maintain the remaining amount by distributing bonus shares to reach the minimum paid-up capital.
Muktinath Capital is the right share sale manager of the company.
