Everest Insurance to revise earlier proposed 600% right shares; BOD meet decides to rope in 51% promoter shares before right issue

Everest Insurance Company Limited (EIC) has decided to float right shares to general public only after adjusting its promoter-public share holding in the ratio of 51:49. As per the notice published by the non-life insurance company in NEPSE today, the 78th board meeting of EIC held on Magh 18, 2074 has reached to such a decision following the earlier guidelines from Insurance Board. With this latest development, the earlier proposed 600% right shares seems unlikely and is expected to be revised. However, the notice has remained mute about modality of infusing promoter shares in the existing paid up value of Rs 12.15 crore where all the share holdings belong to general public. Nobody from the insurance company was available to comment on the issue regarding the proposed right issue and about the latest decision of the BOD. Amidst lot of speculations and rumors making rounds, repeated attempts from sharesansar to clarify the matter with the company representatives couldn’t bear any fruits. Notice Issue of Right share of EIC