ICRA assigns IPO Grade 3 for Prudential Insurance rights issue  

ShareSansar April 15:

ICRA Nepal has assigned “[ICRANP] IPO Grade 3”, indicating average fundamentals to the proposed rights issue of Prudential Insurance Company Limited (PICL) amounting Rs 54 million.

PICL is proposing to come out with 20 % rights issue of 540,000 numbers of equity shares of face value Rs 100 each to be issued to its existing shareholders at par.

As per ICRA Nepal, PICL’s performance has improved over the last few years supported by high business growth and improved underwriting performance across major segments.

Prudential Insurance Company Limited has posted a net profit of Rs 27.02 million in the 2nd quarter of the fiscal year 2071/72.

The right shares offer was endorsed by the 12th AGM of Prudential Insurance held on Jestha 16, 2071.