Kathmandu. Today is the last day to secure the right shares of Asian Life Insurance Company. The company has decided to close the book for the issue of right shares on May 15. This means that only the shareholders who have been retained till today will be able to fill the rights as thursday is a public holiday on Thursday, May 15.
The Securities Board of Nepal had on May 26 allowed Asian Life to issue 42 per cent right shares in the ratio of 1:0.42 of its current 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.
