Kathmandu. Asian Life Insurance has published a notice for issuing right shares to increase the paid-up capital.
The right shares have been opened for the general shareholders from July 15 to July 15. Shareholders can apply for the right shares till the day before June 1, 2019.
For the purpose of issuing right shares, rating agency Infomerics Nepal had given ‘IRN A minus issuer’ rating to Asian Life in the rating evaluation issued on July 27, 2081. This rating will be valid till July 30.
According to Infomerics, such a rating refers to the ability of the issuing company to meet the financial liability within the stipulated time frame.
Shareholders can apply for the right shares through the ASWA online system. Shareholders can also register their applications in writing by collecting application forms from Muktinath Capital Naxal, Muktinath Bikas Bank branch office and Asian Life Insurance.
A total of 14,279,312 units of right shares were issued at a face value of Rs 100 each. After the issue and distribution of shares, the insurance company will raise an additional paid-up capital of Rs 1.42 billion.
The current paid-up capital of the company is Rs 3.39 billion with an authorised capital of Rs 6 billion.
The board of directors of the company is in the financial year 2080. It has been decided to distribute 5.3684 percent dividend along with 5 percent bonus share and cash dividend from the profit of Rs 81. Shareholders will receive bonus shares after the company’s next general meeting approves the proposal for dividend distribution.
