Kathmandu. Today is the last day to secure the right shares of United Ajod Insurance, a non-life insurance company.
The company has decided to close the book on March 3 to issue right shares. This means that shareholders who have remained in the company till February 28 (Friday, February 29 and Saturday, March 29) will be able to apply for the right shares of the company.
United Ajod Insurance Company had received permission from the Securities Board of Nepal (SEBON) on February 10 to issue right shares. The Securities Board of Nepal (SEBON) has allowed the company to issue 10 percent right shares in the ratio of 100:10 of its current paid-up capital.
The company will issue 23,10,000 units of right shares at a face value of Rs 23.10 crore to its shareholders. Laxmi Sunrise Capital has been appointed as the issue manager for the right shares.
Presently, the company has paid-up capital of Rs 2.54 billion. After the issuance of the right shares, the paid-up capital of the company will stand at Rs 2.54 billion.
As per the regulatory provision, a non-life insurance company should have a minimum paid-up capital of Rs 2.5 billion. Therefore, after the right issue, the paid-up capital of the company will be maintained as per the regulatory framework.
