ICRA Nepal award Grade 3 to proposed 115% right issue of Premier Insurance

ShareSansar, January 9:
 
ICRA Nepal has assigned “[ICRANP] IPO Grade 3”, indicating average fundamentals to the proposed rights issue amounting NPR 134.89 million of Premier Insurance Company Limited (PIC).
 
ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals. For the Grading categories 2, 3 and 4, the sign of + (plus) appended to the Grading symbols indicate their relative position within the Grading categories concerned. Thus, the Grading of 2+, 3+ and 4+ are one notch higher than 2, 3, and 4 respectively.
 
PIC is proposing to come out with 115% rights issue of 1,348,950 numbers of equity shares of face value NRs 100/- each to be issued to its existing shareholders at par.