Kathmandu. Nepal Insurance Company has received permission to issue right shares.
The Securities Board of Nepal (SEBI) on Wednesday allowed Nepal Insurance to issue 40 per cent right shares in the ratio of 10:4 of its existing 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. Accordingly, the company will sell rights shares worth Rs 6,576,937.76 at a face value of Rs 100.
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.
