Asian Life Insurance closing 20:1 right share issue today

ShareSansar, May 6:

Asian Life Insurance Company Limited is closing the issuance of 256,297 units of 20:1 right shares today.

The life insurance had floated the right issue on April 2.

Civil Capital Market Limited is the issue manager, and Civil Bank Limited and Grand Bank Nepal Limited are the bankers to the issue.

The offer letter published on March 18 stated that following the issuance of the right shares, its paid-up capital will rise to Rs 52.27 crore.

Any life insurance company must have a paid-up capital of at least Rs 50 crore as per the existing ceiling set by the Insurance Board, the regulator.

It’s paid up capital currently stands at Rs 49.71 crore even after calculating 8.29 per cent bonus shares it distributed from its last fiscal year 2069/70 profit.

Asian Life, which is in the seventh year of operations, has already opened 20 branches and more than 60 sub-branches across the country.