Prudential Insurance’s 30% right shares added in SEBON pipeline for approval
- ShareSansar, August 9, 2017 on Dividend, Right & Bonus , Featured , Latest , Stock Market
Prudential Insurance Company Limited (PICL) has been added in SEBON pipeline to request approval for the issuance of right shares in the ratio 10:3 (30%).
PICL is seeking approval to issue 1:0.3 (30%) right share worth Rs 12.83 crore to its existing shareholders at par value of Rs 100. The issue manager for the right issue is NIC Asia Capital Limited.
The finance company 15th AGM held on Falgun 27, 2073 had endorsed 1:0.3 right shares to their shareholders.
PICL had earned Rs 10.15 crore in the third quarter of the fiscal year 2073/74. It has paid up capital of Rs 35.64 crore and after issuance of 30 percent right share it’s paid up capital will rise to Rs 48.47 crore. PICL had also distributed 20% bonus shares to its shareholders from the profit it had earned in the FY 2072/73.
As per the new guideline issued by Insurance Board, non-life insurance companies should have a minimum paid up capital of Rs 1 arba by the end of FY 2074/75. As per its capital plan, the company will distribute 15% bonus shares worth Rs 8.55 crore and 40% right shares worth Rs 25.66 crore from the last fiscal year 73/74 then capital will reach Rs 83.81 crore. In the fiscal year 74/75. PICL will distribute 12% bonus share worth Rs 10.78 crore after that its capital will reach Rs 1.059 arba.