Everest Insurance to close its book for 105% right shares; EIC set to further issue 300%

Everest Insurance Company Limited (EIC) has announced book closure for issuance of promoter right shares for its shareholders.

As per the notice published in NEPSE, the insurance company will be closing its shareholders register book on Kartik 27, 2075 i.e. the promoters holding the shares till Kartik 26 will be eligible to apply for the 105% right shares.

The insurance company will be issuing 14,03,325 unit promoter right shares as per the decision made by its 23^rd AGM.

After the adjustment of the right shares for the promoters of the company, the ratio of the shareholding of the promoters and ordinary shareholders will be changed to 51:49. The company is set to issue further 1:3 (300%) right shares for both the promoter and public shareholders amounting Rs 82.19 crore after which the total paid-up capital of the company will reach at Rs 1.09 arba which will meet the capital requirement as per the Insurance Board.

The current paid-up capital of the company is Rs 13.36 crore which will rise to Rs 27.39 crore after the adjustment of 105% right shares.