30% Right issue of Shikhar Insurance Company delayed until further notice; issue of 31.71 Lakh units halted

Shikhar Insurance Company (SICL) had proposed to issue 30% right shares from Chaitra 13, 2076 to Baisakha 03, 2077. However, after the PM’s address to halt all unessential services to contain the pandemic from spreading, the right issue of the company has been delayed until further notice.

The company was issuing a total of 31.71 lakh units right shares for its existing shareholders at a par of Rs 100 per share.

NIBL Ace Capital is appointed as the issue manager of the right issuance.

The paid-up capital of SICL as of Q4 2075/76 stands at Rs 1.05 arba. After the issuance of 30% right shares, it will reach Rs 1.36 arba.

ICRA Nepal has assigned [ICRANP] IPO Grade 3+, indicating average fundamentals to the proposed rights issue amounting to ~NPR 317 million of Shikhar Insurance Company Limited (SICL).