10: 4 ratio rights offering proposal of IME General Insurance Limited (IGI) is in SEBON's pipeline.
If the regulator approves the proposal, the insurance company will issue a total of 46,30,344 shares at a par value of Rs. 100 per share. This rights offering will raise over Rs. 46.30 crores for the company.
Global IME Capital has been appointed the issue manager. The application was submitted to SEBON on Bhadra 17. The current paid up capital of IGI stands Rs 115.75 crore, which after the issuance of right share will increase to Rs 162 crore.
As of writing, IGI has an LTP of Rs. 1,175. IME General Insurance Limited posted a net profit of Rs 234.64 million in the fourth quarter of the fiscal year 2077/78.