The 100% right share of Gurans Life Insurance Company Limited (GLICL) has been allotted to the applicants.
The life insurance company had issued 93,85,200 unit shares for its shareholders at par value of Rs 100. Out of the total units; 87,95,186 units shares got subscribed by 12,903 eligible applicants. Still, 5,90,014 units got unsubscribed which is 6.28% of total issue.
The remaining right shares will be sold via auction soon.
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).