Kathmandu. The application period for the right shares of Neco Insurance Company Limited has been extended. The application period for the right shares that the company has been issuing and selling since Falgun 8 has been extended. Now, applications can be submitted until Chaitra 14.
The insurance company had closed its book on Magh 18 for the purpose of issuing the right shares. Accordingly, shareholders who have been traded on the Nepse until Magh 15 can apply for the right shares.
The company has issued new right shares in the ratio of 1 new share for 4 existing shares. Accordingly, the insurance company has issued 50 lakh 30 thousand 901.55 units of right shares with a face value of Rs 100 per share, equivalent to Rs 500 million 30 lakh 90 thousand 155.
In the rating conducted for the right share issue, Infomerics Credit Rating Nepal has assigned the insurance company an IRN Single A Plus Issuer Rating. This indicates that the company has sufficient security in meeting its financial obligations on time.
Sanima Capital Limited is the share issue and sales manager of the insurance company. Shareholders can apply through the sales manager as well as the central and regional offices of Neco Insurance. Similarly, banks and financial institutions participating in ASVA service, after obtaining permission from the Securities and Exchange Board of Nepal, can also apply through the ASVA system. Shareholders can also apply for right shares online using the software ‘Mero Share’ developed by CDS and Clearing Limited.
