Gurans Life Insurance issuing 100% right shares from Chaitra 20; right issue closes on Baisakh 10, 2077

Gurnas Life Insurance Company Limited (GLICL) is issuing it's 1:1 ratio 93,85,200 units right share to its shareholders from Chaitra 20, 2076. The right issue closes on Baisakh 10, 2077.

The company is issuing 93.85 lakh units worth Rs 93.85 crore at Rs 100 per shares 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.

It's paid-up capital as of Q2 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 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 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).