Book Closure for 30% right shares of Prudential Insurance on Mangsir 15

Prudential Insurance Company Limited (PICL) has announced book closure date for its upcoming 1:0.30 (30%) right share issue. As per the notice published in Nepal Stock Exchange today, the book closure date has been set for Mangsir 15, 2074. Only those shareholders holding shares one trading day ahead of the book closure date i.e. until Mangsir 14, 2074 are eligible to apply for the right shares. Prudential Insurance will be floating a total of 1,283,040 unit right shares to its shareholders at a face value of Rs 100 per share. NIC Asia Capital Limited has been assigned as the issue manager. The finance company 15^th AGM held on Falgun 27, 2073 had endorsed 1:0.30 right shares to their shareholders. PICL had earned Rs 2.52 crore in the first quarter of the fiscal year 2074/75. PICL had also issued 20% bonus share from the profit it earned in the FY 2073/74. After this 30% right and 20% bonus, its paid up capital will reach Rs 64.20 crore. As per Insurance Board’s directive for non-life insurance companies, PICL should increase its paid up capital to a minimum of Rs 1 arba. Since it has not brought any right share to its agenda for this year, PICL will likely issue bonus share worth at least Rs 35.80 crore (around 56%) for the ongoing FY 2074/75 to meet up with the paid-up capital requirement.