Kathmandu. Asian Life Insurance Company has fixed the date of book closure for the issue of right shares.
A meeting of the board of directors of the company held on Tuesday decided to close the book on May 15. This means that only the shareholders who have been retained before May 15 will be eligible to fill the right shares of this company.
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.
