Everest Insurance appoints Siddhartha Capital as issue manager to issue 600% right share
Tue, Aug 22, 2017 3:16 PM on Latest, Featured, Stock Market,
Everest Insurance Company limited (EIC) has appointed Siddhartha Capital Limited as the issue manager for its upcoming 600% right shares.
Mr. Kamal Gautam, CEO of Everest Insurance and Mr.Dhurba Timalsina, CEO of Siddhartha Capital signed on the agreement today.
Issuing the press statement, it stated that the insurance company will be floating 72,90,000 lakh units right shares at Rs 100 per share. The process to issue right share is yet to be approved by SEBON.
EIC’s current paid up capital remains at Rs 12.15 crore. After issuance of 600% right share, its paid up capital will reach Rs 85.05 crore. As per Insurance Board’s directive, EIC should increase its paid up capital to a minimum of Rs 1 arba by the end of FY 2074/75. EIC will need to issue a further capital hike of Rs 14.95 crore.
Issuing the press statement, it stated that the insurance company will be floating 72,90,000 lakh units right shares at Rs 100 per share. The process to issue right share is yet to be approved by SEBON.
EIC’s current paid up capital remains at Rs 12.15 crore. After issuance of 600% right share, its paid up capital will reach Rs 85.05 crore. As per Insurance Board’s directive, EIC should increase its paid up capital to a minimum of Rs 1 arba by the end of FY 2074/75. EIC will need to issue a further capital hike of Rs 14.95 crore.
