NIBL Ace Capital has been appointed as the issue manager of Citizen Life Insurance Company's Initial Public Offering.
Citizen Life Insurance Company Limited is issuing 75 lakhs unit shares worth 75 crores as IPO to the general public.
175 crores paid-up capital has already been contributed by promoters. The 75 crores collected from this IPO will increase the company's paid-up capital to Rs. 250 crores.
In the fourth quarter of FY 2076/77, Citizen Life Insurance saw an increment in the net premium collection by 69%. Furthermore, the size of reserves and funds also increased by 117% while the income from investment and insurance policy collateral and other loans increased by 31% to Rs. 33.83 crores.
The company has also claimed of having invested 91% of the total investment fund and borrowings in bonds, debentures, and fixed deposits of BFIs.