Asian Life Insurance to float 20:1 right shares on April 2

ShareSansar, March 18:

Asian Life Insurance Company Limited will issue 256, 297 units of right shares at 20:1 from April 2 to May 6.

Issuing an offer letter for the right issue today, the life insurance company has stated that following the issuance of the right shares, its paid-up capital will rise to Rs 52.27 crore.

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

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.

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

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