Kathmandu. Nepal Insurance Company has fixed the date of book closure for the issue of right shares.
Issuing a notice today, the company has decided to close the book on June 15 for the purpose of issuing right shares. This means that only the shareholders who have been retained till June 15 will be eligible to fill the right shares of this company.
The Securities Board of Nepal (SEBI) on May 17 allowed Nepal Insurance to issue 40 per cent right shares in the ratio of 10:4 of its current paid-up capital. The company will now issue right shares worth Rs 660 million to its shareholders.
The company will issue rights shares worth Rs 657.69 million. According to this, the company has a total of 6,576,937 with a face value of Rs 100. It will sell right shares worth Rs 76.
At present, the paid-up capital of the company stands at Rs 1.89 billion. After the right sale, the paid-up capital of the company will reach Rs 2.54 billion.
Nepal Insurance Authority (NEA) has fixed the minimum paid-up capital of the non-life insurance company at Rs 2.5 billion. Nepal Insurance will also have a minimum paid-up capital after the sale of the rights.
NIMB Ace Capital is the right sales manager of Nepal Insurance.
