105% promoter right shares of Everest Insurance added in SEBON pipeline; further 300% right share on the way

The 105% promoter right shares to be issued for Everest Insurance Company (EIC) has been added in the SEBON pipeline for approval.

The insurance company is seeking approval to issue 14,03,325 unit promoter right shares to the existing shareholders at par value of Rs 100. Currently, the insurance company has 100% ordinary shareholding.

For the issuance of its 105% right shares, the company has appointed Siddhartha Capital as the issue manager.

After the adjustment of the right shares for the promoters of the company, the ratio of shareholding of the promoters and ordinary shareholders will be changed to 51:49. After that, the company will further issue 1:3 (300%) right shares for both promoter and public shareholders amounting Rs 82.19 crore after which the total paid-up capital of the company will stand at Rs 1.09 arba which will meet the capital requirement as per the Insurance Board.

The current paid-up capital of the company is Rs 13.36 crore which will rise to Rs 27.39 crore after the adjustment of 105% right shares.

EIC has earned net profit of Rs 3.03 crore in the third quarter of the ongoing fiscal year 2074/75.