Everest Insurance’s 600% right share added in SEBON pipeline for approval

Everest Insurance Company Limited (EIC) has been added in Securities Board of Nepal (SEBON) pipeline to request approval for the issuance of 1:6 (600%) right shares. Everest Insurance's AGM had approved to issue 20 percent bonus and 600 percent right share to its shareholders. EIC is seeking approval to issue 7,290,000 units shares to be floated a face value of Rs 100 per share. Siddhartha Capital Limited has been appointed as the issue manager. EIC has earned net profit of Rs 4.55 crore in the fourth quarter of the FY 2073/74. After adjustment of bonus shares EIC’s paid up capital reached Rs 12.15 crore. Similarly, after issuance of 600% right share, its paid up capital will reach Rs 85.05 crore. As per Insurance Board’s directive, EIC should increase its paid up capital to a minimum of Rs 1 arba by the end of FY 2074/75.