Gurans Life Insurance proposes further 7% bonus & 110% right; paid up to reach Rs 200.10 crore

Gurans Life Insurance Company Limited (GLICL) has proposed further 7% bonus and 110% right share to increase its paid-up capital to the minimum requirement set by the Insurance Board. The Board has directed all life insurance companies, including GLICL, to hike their paid up capital to a minimum of Rs 2 arba by the end of Asadh 2075. As per the capital plan submitted by GLICL, the company will issue 50% right share on its current paid up capital of Rs 59.40 crore. After this right share issue, its paid up capital will increase to Rs 89.10 crore. The company will distribute bonus share worth Rs 6 crore (around 7%) on this capital. Finally, GLICL will float 110% right share on the paid up capital after capitalization of this bonus share, after which its paid-up capital will reach Rs 200.10 crore (i.e. Rs 2 arba and 10 lakhs).