Everest Insurance proposes 10% bonus shares; LTP at Rs 2,600

Everest Insurance Company Limited (EIC) has proposed dividend to its shareholders. As per the notice published in NEPSE, the board meeting of the insurance company held on Mangsir 28, 2074 has proposed 10% bonus shares and Rs 6,39,474 cash dividend (for tax purpose) from the net profit of Rs 4.55 crore it had earned in FY 2073/74. The decision is subjected to the approval from the concerned authority and upcoming AGM of the insurance. Its current paid up capital stands at Rs 12.15 crore. After 10% bonus shares, it will reach to Rs 13.36 crore. Also, EIC has been seeking approval from SEBON to issue 600% right shares (Rs 72.90 crore) to its shareholders to meet the capital requirement of Rs 1 arba. After right shares, its paid up capital will reach to Rs 86.26 crore. Further, it should hike its capital by Rs 13.74 crore (around 15.93%). Its LTP stood at Rs 2,600 as of last trading day.