Reliance Life Insurance Limited will be issuing 63,00,000 units worth Rs 63 crore as Initial Public Offering to the general public from Bhadra 4, 2077.
Company CEO Pravin Raman Parajuli hosted a virtual press meet via Zoom today for a brief presentation about the IPO issuance and to answer the related queries.
In the meet, CEO Parajuli stated that product and price competence of Reliance Life Insurance gives an edge to the company among other competitors. Furthermore, Parajuli also said that Reliance Life Insurance is unique in its service differentiation. He also stated that the company is the only life insurance company to provide a 24/7 contact center, although the service has bee temporarily reverted to office hours because of the coronavirus pandemic.
Parajuli expressed his confidence about the future because the very reason the company was given permission to issue an IPO is its ability to fulfill all the requirements, like timely AGM conduction in the past years.
Reliance Life Insurance was also successful in opening 12 new branches in the FY 2076/77, and its premium also has risen by 67.09 crores compared to the previous fiscal year.
When asked whether the company will distribute a dividend to investors after the IPO, CEO Parajuli said that all investors who are shareholders before the book closure date are entitled to the company's dividend distribution.
After the issuance of 63,00,000 units worth Rs. 63 crore IPO shares the general public i.e 30% of total capital which will together raise its paid-up capital to Rs 2.10 Arba and the promoter/public ratio will be 70:30.
Meanwhile, ICRA Nepal has assigned a grading of [ICRANP] IPO Grade 4, indicating below-average fundamentals, to the proposed IPO of Reliance Life Insurance Limited.