20,52,864 promoter shares of Prudential Insurance converted to ordinary shares

Sun, Oct 18, 2020 4:23 PM on Latest, Stock Market,

20,52,864 promoter shares of Prudential Insurance Company Limited (PICL) have been converted to ordinary shares.

This has taken the percentage of promoter shareholding down to 60%. Consequently, the public shareholding is now 40%. The converted shares are now tradable as public shares. As of writing, the ordinary shares of Prudential Insurance have a last closing price of Rs. 524.

The 18th AGM of the company had presented the proposal of reducing the promoter shareholding from the existing 80% to 60%. The shares are now already converted. 

Prudential Insurance had also recently issued 38,49,120 unit right shares for its shareholders at a par value of Rs 100. These shares are also already listed in NEPSE.