Gurans Life Insurance and Shikhar Insurance closing ongoing right share issue from Sunday; eligible investors requested to apply before stipulated time

Gurans Life Insurance Company Limited (GLICL) and Shikhar Insurance Company Limited (SICL) are closing its ongoing right share issue from Sunday ie. Shrawan 4, 2077. So all the eligible investors are requested to apply right before the closing date.

Gurans Life Insurance Company Limited is closing it's 1:1 ratio i.e. 93,85,200 units right share to its shareholders on Shrawan 4, 2077. This right issue was opened since Ashad 14, 2077. 

The company is issuing 93.85 lakh units worth Rs 93.85 crore at Rs 100 per share to its shareholders. The book closure for the issue was on Falgun 22, 2076.

NMB Capital Limited is the issue manager of the right issuance.

Gurans Life Insurance Company Limited paid-up capital as of Q3 of FY 2076/77 stood at Rs. 93.85 crores. After the issuance of the proposed right shares on its existing paid-up capital of Rs 93.85 crore, its paid-up value shall scale up to Rs 1.87 Arba thereby meeting the requirement set for the life insurance companies of Rs 2 Arba soon. The company has already proposed a 13.10% bonus share of worth Rs 12.29 crore from the profit of FY 2074/75, however, the book closure is yet to happen of the same. Upon the adjustment of the same, the total capital of GLICL will be Rs 200 crore. 

ICRA Nepal has assigned [ICRANP] IPO Grade 4+, indicating below-average fundamentals to the proposed rights issue of NPR 938.5 million of Gurans Life Insurance Company Limited (GLICL).

Likewise, Shikhar Insurance Company (SICL) is also closing 30% right shares on Shrawan 04, 2077. This issue was opened since Ashad 14, 2077.

The company is issuing total of 31.71 lakh units right shares for its existing shareholders at a par of Rs 100 per share. The 219th Board Meeting of SICL held on Falgun 01, 2076 had decided the book closure to be on Falgun 13, 2076. Therefore shareholders maintained on Falgun 12, 2076 are eligible to apply for the right shares.

NIBL Ace Capital is appointed as the issue manager of the right issuance.

The paid-up capital of SICL as of Q3 2076/77 stands at Rs 1.05 arba. After the issuance of 30% right shares, it will reach Rs 1.36 arba. The company is yet to conduct its AGM of FY 2075/76.

ICRA Nepal has assigned [ICRANP] IPO Grade 3+, indicating average fundamentals to the proposed rights issue amounting to ~NPR 317 million of Shikhar Insurance Company Limited (SICL).