105% right shares of Everest Insurance Company flots from today; Paid-up capital to reach Rs 27.39 crore

Everest Insurance Company Limited (EIC) is issuing its 105% right shares from Mangsir 16, 2075 i.e today. The issue will remain open till Poush 22, 2075.

The insurance company is issuing 14,03,325 unit shares at Rs 100 per share.

The shareholders holding the shares of the insurance company till Kartik 26 can apply for the 105% right shares.

Siddhartha Capital has been appointed as the issue manager for the right issuance.

ICRA Nepal had assigned Grade 4 rating to the right issue indicating below average fundamentals.

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.The company is set to issue further 1:3 (300%) right shares for both the promoter and public shareholders amounting Rs 82.19 crore after which the total paid-up capital of the company will reach at Rs 1.09 arba which will meet the capital requirement as per the Insurance Board.