Gurans Life Insurance issuing earlier postponed 1:1 right issue from Ashad 14, right issue closes on Shrawan 4

Gurans Life Insurance Company Limited (GLICL) is issuing its 1:1 ratio i.e. 93,85,200 units right share to its shareholders from Ashad 14, 2077. Earlier, this issue was scheduled to open from Chaitra 20, 2076 which got postponed due to the COVID-19 outbreak in the country. The right issue closes on Shrawan 4, 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).