Everest Insurance Company Limited (EIC) will be conducting its 23
rd Annual General Meeting (AGM) on Baishakh 10, 2075. The AGM is going to be held at Agrawal Bhawan, Kamalpokhari, Kathmandu at 2:00 PM.
The main agendas of the AGM are:
- To endorse 10% bonus shares from the profit of FY 2073/74 amounting Rs 1.215 crore and cash dividend of Rs 6.39 lakh (for tax purpose)
- To revise previously declared 600% right shares in order to maintain 51% promoters share structure as per the Directives issued by the Insurance Board.
- To amend the Memorandum of Association (MOA) and Articles of Association (AOA).
- To increase the meeting allowance of the Board of Directors.
Other agendas of the AGM include endorsement of financial highlights of the FY 2073/74 and appointment of the auditor for the FY 2074/745.
The current paid up capital of the company will be Rs 13.365 crore (inclusive of 10% bonus from the profit of FY 2073/74). Now, the company has proposed to revise the 600% right shares issuance decision that had been declared in the previous AGM in order to maintain 51% promoter share structure. So, the company will be proposing to issue 1:1.05 (105%) right shares to the shareholders amounting Rs 14.03 crore which will be the new promoter shares of the company after which the paid-up capital of the company will stand at Rs 27.39 crore. A separate book closure notice will be published for 105% right share after this AGM. After that, the company will further issue 1:3 (300%) right shares for both promoter and public shareholders amounting Rs 82.19 crore after which the total paid-up capital of the company will stand at Rs 1.09 arba which will meet the capital requirement as per the Insurance Board Directives.
Example:
For instance, if a person has 100 unit shares in the company today, after 10% bonus he will have 110 unit shares. Then, after 105% right shares, he/she will have 225.5 unit shares out of which 110 shares will be held as public shareholder and 115.5 shares will be held as promoter shareholder. After that, the company will issue 300% right shares to both promoters and public shareholders after which he/she will have 676.5 unit right shares in total out of which 330 unit shares will be held as a public shareholder and 346.5 unit shares will be held as a promoter shareholder.
The book closure for the AGM has been set from Chaitra 26, 2074 to Baishakh 10, 2075 i.e. the shareholders holding shares until Chaitra 25, 2074 will be eligible to participate in the AGM and for the bonus shares.
EIC has earned Rs 2.37 crore in the second quarter of the FY 2074/75.
See the notice of AGM here
