Book closure for 50% right shares of Neco Insurance on Magh 9; LTP at Rs 860

Neco Insurance Company Limited (NIL) has published the book closure date for upcoming 50% right shares. As per the notice published in NEPSE today, the insurance company has set the book closure date on Magh 9, 2074. Thus, only those shareholders holding their shares till Magh 8, 2074 i.e. one day ahead of the book closure date are eligible to apply for the right shares. Securities Board of Nepal (SEBON) had given final approval to issue 50% right shares of Neco Insurance Company Limited (NIL) on Poush 26, 2074. Now, NIL will be issuing 39.21 lakh units right shares worth Rs 39.21 crore to its existing shareholders at a face value of Rs 100 per share. NMB Capital Limited has been assigned as the issue manager for right share issue. Its paid up capital will reach to Rs 1.17 arba after 50% right share adjustment from existing Rs 78.41 crore. It had posted net profit of Rs 3.61 crore in the first quarter of the FY 2074/75. Its LTP stood at Rs 860 as of last trading day.