ICRA Nepal awards Grade 3 to upcoming 1:1.5 ratio right share of United Insurance

ShareSansar, January 12:

ICRA Nepal has assigned “[ICRANP] IPO Grade 3”, indicating average fundamentals to the proposed rights issue amounting NPR 151.2 million of United Insurance Company Limited (UIC).

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 UIC is proposing to come out with 150% rights issue of 1,512,000 numbers of equity shares of face value NRs 100/- each to be issued to its existing shareholders at par.