Everest Insurance endorses further 300% right share after 105% promoter right share issue; to also fulfill required provisions to make promoter shares tradable

Everest Insurance Company (EIC) has published a notice on NEPSE regarding the rights and bonus share issue.

The following decisions were approved by the 23^rd AGM of the company:

• Since there are no promoter shareholders in the company, to meet the requirement of 51% promoter shares, the company had issued 10% bonus shares after which the company has offer 105% right shares to its ordinary shareholders to establish promoter shareholding. (EIC recently got approval to issue 105% right shares, for which the book closure has been set for Kartik 27, 2075)
• After the completion of above mentioned issue, the company will offer 300% further right shares to all the shareholders (Ordinary and Promoter).

Since, the company’s promoter shareholding is being established due to extreme circumstances, the following decisions have also been approved by the AGM:

• The company will try to fulfill all the necessary formalities that will enable shareholders of the company to easily trade the promoter shares in the stock market.
• Promoter shareholders holding less than 1% of the promoter shares will not require any kind of permission from the company or its BOD to sell those shares.

Presently, the paid up capital of EIC is Rs 13.36 crores.