Asian Life Insurance appoints NIBL Capital as issue manager to float 50% right share

Asian Life Insurance Company Limited (ALICL) has appointed NIBL Capital Markets Limited as its issue manager for issuing 50% right share. Rajesh Kumar Shestha, CEO of Asian Life Insurance and Megh Bahadur Thapa, General Manager of NIBL Capital have signed on the agreement. ALICL will be issuing 50% (2:1) right share i.e. 40,27,966 units to its shareholders. The insurance company’s 8^th & 9^th AGM held on Chaitra 17, 2073 had approved to issue 50% right share to its shareholders. ALICL had earned Rs 2.96 crore in the third quarter of the fiscal year 2073/74. Its paid up capital remains at Rs 80.55 crore. After the issuance of 50% right share, its paid up capital will reach Rs 1.20 arba. As per Insurance Board's directive for all life insurance companies to increase their paid up capital to a minimum of Rs 2 arba by the end of FY 2074/75, ALICL needs to issue a further capital hike of around Rs 80 crore (around 67%).